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APAC Edition
3rd February 2025
 
THE HOT STORY
Japan's foreign workforce hits record high
Japan has recorded its largest year-on-year increase in foreign workers, with the total reaching 2.3m in October 2024, an increase of approximately 254,000 from the previous year. This marks the highest jump since records began in 2008, reflecting a threefold rise since 2014. The country, which faces significant labour shortages due to its ageing population, has seen Vietnamese, Chinese, and Filipinos emerge as the top nationalities within its foreign workforce. Many of these workers are employed in the manufacturing, hospitality, and retail sectors. Notably, the "technical intern" programme, which is aimed at providing specialised experience to participants from countries like China and Vietnam, accounts for 20.4% of the foreign workforce. However, this programme has faced criticism for being a "backdoor" source of labour, and has been associated with allegations of discrimination and abuse.
HEALTH & WELLBEING
Korean millennials face mental health crisis
A report by LG Business Research titled "Warning Signs for the Mental Health of Korean Millennials" highlights a significant decline in the mental well-being of Korean millennials compared to older generations and their global counterparts. Only 29% of Korean millennials rated their mental health as "good," starkly lower than the global average of 56%. The report identifies long working hours, rigid promotion systems, and financial instability as key stressors. Notably, 65% of millennials cited "lack of recognition and compensation for their work" as a major source of anxiety. The report warns that worsening mental health is not just a personal issue but poses a significant economic risk. "Mental health issues have a greater impact on workplace productivity than physical illnesses," the report says, emphasising the urgent need for proactive measures to address these challenges.
CORPORATE GOVERNANCE
Global CEO exits hit record high
In 2024, a record 202 chief executives departed from their positions, according to Russell Reynolds Associates, marking a 13% increase from the previous year and surpassing the six-year average of 186. The technology sector was particularly affected, with 40 CEOs leaving. Activist investors played a significant role, ousting 27 CEOs, nearly three times the number in 2020. Additionally, almost a quarter of the departures were due to planned succession processes, indicating a shift towards grooming internal talent. Margot McShane, co-lead of Russell Reynolds' global board and CEO practice, said: "It is only getting harder to be a CEO, where you're navigating uncharted territory." 
LEGAL
Google employees launch petition for ‘job security’
CNBC reports that Google employees have launched a petition for “job security” as they prepare for more expected layoffs. The petition urges Google chief excutive Sundar Pichai to offer buyouts before conducting layoffs and to guarantee severance to employees that do get laid off. The petition has been signed by more than 1,250 employees. CNBC says it is the latest indication of employee upheaval at the company, which has struggled to maintain high morale among its workforce following "embarrassing product roll-outs, worker protests sparked by controversial enterprise contracts, and continued rounds of lay-offs that stretch back to 2023 and are expected to continue." 
McDonald’s Hong Kong says worker was sacked for sharing sensitive information online
McDonald’s Hong Kong has rebuffed claims made by Luke Ching Chin-wai, a 53-year-old Hong Kong artist known for advocating labour rights, who said he was sacked for violating the fast food chain’s social media rules after he called for employees to be paid for their meal times. The chain said a part-time worker, which it did not identify, had repeatedly violated its policies by sharing internal operational and commercial information on public platforms.
REMOTE & HYBRID WORKING
Barclays tightens work-from-home rules
Barclays has revised its work-from-home policy, mandating that employees come in to the office three days a week instead of two. Many Barclays employees – including those in its client-facing and investment banking divisions – already work four or five days a week in the office, but the official, company-wide policy had only mandated two days. The change affects approximately 85,000 staff members and aims to enhance collaboration among colleagues. A spokesman for Barclays said: “At Barclays, we recognise the benefits of balancing flexibility for colleagues with the importance of working together to collaborate in our physical locations. Our minimum time in office requirements vary between business areas depending on the nature of work and needs of the business.” The move follows similar actions by other banks, including JPMorgan, which has required staff to be in the office five days a week.
CORPORATE
Seven & i seeks buyout backing from Thailand's CP Group
The founding family of Seven & i Holdings is negotiating with Thailand's CP Group for a management buyout of the Japanese retail giant. This move aims to counter a $47bn takeover bid from Canada's Alimentation Couche-Tard. The buyout proposal, led by the Ito family and Itochu Corp, involves approximately ¥4tn ($26bn) in equity, with additional funding from banks. The initial valuation for Seven & i was set at ¥9tn, surpassing Couche-Tard's ¥7.5tn offer, but may be adjusted due to the company's current market valuation.
RETENTION
Salary boost for Singapore healthcare workers
Approximately 37,000 public healthcare workers in Singapore will receive salary increases in 2025, says Ong Ye Kung, head of the Ministry of Health (MOH). The adjustment aims to attract and retain staff in allied health professions, pharmacists, and administrative roles. Additionally, 26,000 public healthcare nurses will see upward adjustments to their base salaries, building on the Award for Nurses' Grace, Excellence and Loyalty scheme introduced in 2024. The MOH emphasised the need for competitive remuneration to retain talent in the sector, because healthcare professionals have various options, including opportunities abroad.
INTERNATIONAL
DEI has made air travel less safe, Trump says
President Donald Trump has suggested that diversity initiatives from previous administrations contributed to the tragic collision between a passenger jet and a US army helicopter which resulted in 67 fatalities. The incident, the deadliest air disaster in the US in over two decades, saw the aircraft collide mid-air before crashing into the Potomac River. Trump said: "The [Federal Aviation Administration] is actively recruiting workers who suffer severe intellectual disabilities, psychiatric problems and other mental and physical conditions under a diversity and inclusion hiring initiative spelled out on the agency's website.” He added that the program allowed for the hiring of people with hearing and vision issues as well as paralysis, epilepsy and “dwarfism.” An initial report from the FAA reveals that staffing shortages on the night of the crash forced one air traffic controller to do two people’s jobs.
Orbán introduces new measures amid exodus of guest workers
Hungary's Prime Minister Viktor Orbán and his cabinet have begun to introduce stricter rules and reduce the number of guest workers permitted to enter the country. The change comes after data showed that the majority of guest workers view Hungary as a stepping stone towards obtaining higher salaries in other Schengen Zone countries. The Orbán cabinet has reduced the permitted number of guest workers to 35,000, down from 65,000, despite the number of vacant positions remaining unchanged. The government has also excluded countries such as Vietnam, India, China, South Korea, Mongolia, and Kyrgyzstan from the programme. From 2025, only guest workers from countries that have signed repatriation agreements with Hungary will be eligible for employment.
FedEx faces €46m tax fraud probe
Italian police have seized €46m ($48m) from FedEx's Italian unit amid allegations of tax fraud linked to the illicit employment of workers without benefits. The investigation, led by prosecutors Paolo Storari and Valentina Mondovì, targets the "phenomenon of the illicit supply of labour" and the so-called "reservoirs of workers" who allegedly did not receive social security and welfare contributions. FedEx has denied the charges, saying that it is committed to compliance with all applicable local laws.
OTHER
Indian food services market projected to reach up to $152bn by 2030
The Indian food services market, valued at $80bn in 2024, is likely to grow at a compound annual growth rate of 10%-11% to reach $144bn-$152bn by 2030. Consumers in metro and tier 1 cities are increasingly opting for ordering in and dining out, driven by convenience and a desire for a break from routine. Additionally, outside meals are increasingly viewed as a social activity, offering opportunities to spend quality time with loved ones and to celebrate all occasions.
 


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