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APAC Edition
5th February 2025
 
THE HOT STORY
Job hopping is on the increase in Japan
Job mobility in Japan is experiencing a significant shift, driven by structural labour shortages and changing employment practices. The number of individuals switching jobs has increased, with 940,000 people making the leap in 2023, up from 750,000 in 2018. Women and workers in their 40s and 50s are particularly active, with job changes in these demographics rising fivefold over the past decade. The trend has also led to wage increases, with 35% of job changers receiving a pay rise of at least 10%, compared to 26% a decade ago. Yuya Takada of hiring firm Recruit, observed: “Switching jobs is becoming a common practice, and companies are raising wages to attract the best candidates.” The government is promoting reforms to enhance labour mobility and support reskilling, with plans to invest ¥1tn over five years.
LEGAL
Workplace discrimination has declined in Singapore, study says
According to a 2024 study by the Institute of Policy Studies (IPS) in collaboration with racial and religious harmony non-governmental organisation OnePeople.sg, Singaporeans have seen a decrease in racial discrimination at work. The study found that 18.4% of Malays and 16.7% of Indians experienced discrimination in job applications or promotions, down from over 25% in previous surveys. The report highlights that while overall discrimination has decreased, issues persist, particularly regarding perceptions of promotions based on race rather than qualifications. OnePeople.sg chair Dr Janil Puthucheary notes the need for both legislative measures and community efforts to address these challenges.
Factory workers signed contracts with abusive clauses
According to contracts seen by Reuters, Chinese workers hired by Jinjiang - a contractor for electric car maker BYD - had to hand over their passports to their new employer when they went to work in Brazil. They also had to agree to most of their wages being sent directly to China, and pay a near-$900 deposit that they could only get back after six months' work. The paperwork violates labour laws in both Brazil and China, according to experts.
HSBC is withholding £1bn from Hong Kongers
HSBC is currently withholding nearly £1bn in pension savings, amounting to £978m, owed to tens of thousands of Hong Kongers who have fled to the UK due to political pressures. The bank claims a legal barrier prevents them from releasing the funds, which are part of the Mandatory Provident Fund (MPF). Over £3bn in MPF savings are being withheld from around 126,500 Hong Kongers with British National (Overseas) passports. HSBC maintains that the conditions for early withdrawal are dictated by Hong Kong legislation.
WORKFORCE
Nissan is offering buyouts to US workers and cutting back shifts
Nissan Motor is offering buyouts to employees and reducing shifts at three US factories as part of a bid to cut $2.6bn in global costs. A Nissan spokesperson declined to say how many US workers the company hopes will take the voluntary buyout offer. Nissan could potentially cut up to around 1,500 jobs with the move, the Nikkei newspaper reported last week. The latest move follows a broader strategy to cut 9,000 jobs worldwide amid declining sales in key markets.
TECHNOLOGY
Australian lawyer's AI blunder sparks legal referral
An Australian lawyer has been referred to the Office of the NSW Legal Services Commissioner after using ChatGPT to draft court documents in an immigration case, which included fabricated case citations. The immigration minister's counsel argued that such conduct must be “nipped in the bud” to prevent future misuse of artificial intelligence (AI) in legal proceedings. The incident marks the second case in Australia involving a lawyer's referral for AI-related misconduct, highlighting the evolving challenges of generative AI in the legal field.
ECONOMY
Inflation hits nine-year low in Pakistan
Pakistan's consumer inflation rate has dropped to its lowest level in over nine years, reaching 2.4% year-on-year in January, according to the Pakistan Bureau of Statistics. The significant decline from 28.3% in January 2024 is attributed to "the statistical base effect, also supported by currency stability and lower food and energy prices," observed Adnan Sami Sheikh, assistant vice president of research at Pakistan Kuwait Investment Company. The State Bank of Pakistan has responded by cutting its benchmark interest rate by 100 basis points to 12%, following a series of aggressive rate cuts over the past six months. Central bank Governor Jameel Ahmad has forecasted that full-year inflation will average between 5.5% and 7.5% for the year ending in June.
INTERNATIONAL
Tax revenue service strike 'threatens Brazilian government's fiscal plans'
Brazil's National Union of Tax Auditors (Sindifisco Nacional) says strike action by the country's federal tax agency over wage demands is undermining a government drive to raise revenue through tax settlements. According to the workers' union, 14.6bn reais in tax settlements were close to completion at the end of last year but remain in limbo because of the strike, which began in late November. Reuters notes that the scenario deepens fiscal uncertainties as external risks increase from US President Donald Trump's trade policies. "Tax auditors are eager to return to work, as the economic impact is clear, and we do not want further negative consequences," said Sindifisco Nacional president Dao Real.
UK finance bosses push back on diversity targets
Financial leaders in the UK are urging the Financial Conduct Authority (FCA) to abandon its proposed diversity targets, citing concerns that such regulations could hinder growth. Nikhil Rathi, the FCA's chief executive, has been approached by several industry heads who argue that diversity, equity, and inclusion (DEI) rules would introduce unnecessary bureaucracy. One City chief remarked: "The majority of the [finance] industry has long been unconvinced by the rationale for this." Critics warn that the FCA's plans could lead to a burdensome reporting regime, with one source stating: "The only certainty of its impact will be to create jobs in HR." As the FCA awaits direction from the government, the debate continues over the balance between promoting diversity and ensuring economic growth. Rachel Reeves, the Chancellor, has been told that the FCA's diversity initiatives could cost the City up to £1bn ($1.25bn).
Unwanted kiss 'stained' World Cup win, football player tells trial
Spanish world champion footballer Jenni Hermoso has told the trial of the country's former football chief Luis Rubiales that the kiss he gave her at the 2023 World Cup "stained one of the happiest days of my life." She was the first witness in Rubiales' trial over the kiss. He is accused of sexual assault and coercion. Hermoso told the court in Madrid: "My boss was kissing me, and this shouldn't happen in any social or work setting." Prosecutors are calling for Rubiales to receive a one-year prison sentence for sexual assault. They are also calling for him to be given a sentence of a year-and-a-half for coercion, for allegedly trying to pressure Hermoso into saying publicly that the kiss was consensual.
Pfizer settles lawsuit over diversity programme
Pfizer has settled a lawsuit filed by the advocacy group Do No Harm, which claimed that the company's Breakthrough Fellowship Program unlawfully discriminated against white and Asian-American applicants. The settlement, reached after the 2nd US Circuit Court of Appeals allowed the case to proceed, requires Pfizer to stop accepting new fellows and to open the program to applicants of all races. Stanley Goldfarb, chair of Do No Harm, said: "While Pfizer would like to quietly sweep their unlawful discrimination under the rug, their settlement acknowledges what we said all along: racially discriminatory programs are unlawful and will not go unchallenged."
 


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