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APAC Edition
12th February 2025
 
THE HOT STORY
More than a quarter of Korean workers 'will lose their jobs to AI'
According to a Bank of Korea (BOK) report, over half of Korea's workforce will be significantly affected by artificial intelligence (AI), either through job displacement or enhanced productivity. The report, created in collaboration with the International Monetary Fund, highlights that 24% of workers are in a high exposure, high complementarity category, indicating they will benefit from AI, while 27% face potential job losses and lower wages. The BOK noted that "targeted policies are needed to enhance labour market flexibility through education and retraining programmes." AI could potentially increase total productivity by 1.1% to 3.2% and GDP by 4.2% to 12.6%, the report says. Without AI, Korea's GDP could decline by 16.5% by 2050, but AI adoption could reduce this drop to 5.9%. The report emphasises the need for improved labour market policies to support vulnerable groups.
HEALTH & WELLBEING
Women are 'more likely to stay home when sick'
Research from the University of Western Australia suggests that women are less likely to attend work when unwell, particularly when sickness-preventative practices are in place. The study, co-authored by Aleksandra Luksyte and Gillian Yeo, found that these practices, which include social distancing and increased ventilation, significantly reduce workplace anxiety among women. The findings suggest that employers should recognise the differing impacts of health initiatives on men and women and address attendance pressure to discourage sick employees from coming to work. Associate Professor Luksyte emphasised the need for workplaces to promote the importance of not working while sick, saying: "Continuing to work while sick is even costlier due to its negative effects on employees and their co-workers."
LEGAL
US aid cuts jeopardise groups promoting rights in China
The Economist looks at the impact of sweeping cuts to US foreign aid programs on rights groups in China – groups that in many cases have few other options for support given Chinese Government surveillance and caution from private donors who fear jeopardising business interests. The piece highlights China Labour Watch, based in New York City, which has investigated labour abuses in supply chains in China for 20 years, and now faces closure. The newspaper says that it has been in contact with “members of groups that monitor protests, support local journalists and report on the Chinese state’s repression” who are afraid to speak out over the cuts for fear of reprisals from the Trump administration. Maya Wang from Human Rights Watch says it is “deeply ironic” that the American government is undermining groups that have existed in constant fear of being shut down by the Chinese government.
New pension scheme for gig workers in India
The Indian government is developing a transaction-based pension policy aimed at enhancing social security for gig workers, with aggregators contributing 1%-2% of their annual turnover. This initiative targets approximately 1 crore platform workers across India. Each gig worker will receive a universal account number for wage transaction deductions across various platforms. A government source said: "Discussions with state governments are underway, and the scheme will soon be sent for cabinet approval." The policy addresses employer responsibility challenges due to gig workers' engagements with multiple platforms and aligns with the e-Shram portal, which has registered 30.6 crore workers since its launch in August 2021. The initiative is expected to provide essential financial stability for gig workers.
Move to protect whistleblowers in Australia
Independent MP Andrew Wilkie has introduced the Whistleblower Protection Authority Bill, which aims to establish new federal laws and an independent agency to safeguard whistleblowers in Australia. Wilkie emphasised that “whistleblowers make Australia a better place” and should not face punishment for exposing misconduct. Fellow independent MP Helen Haines described the proposed authority as “the missing piece in Australia's integrity landscape,” which would protect whistleblowers and ensure their wellbeing, including access to psychological support. Senators David Pocock and Jacqui Lambie are advocating for the legislation, highlighting the lack of protections for whistleblowers under current Australian law. Senator Pocock noted that it has been three decades since the Senate recommended such a bill, observing: “Decades later, we're still waiting.”
HIRING
Tech giants open doors for dropouts
Tech companies are increasingly hiring young, self-taught talents without college degrees, with major firms like IBM, Google, GM, and Apple dropping degree requirements for tech roles. Elon Musk's Department of Government Efficiency (DOGE) employs young dropouts, including a high school graduate and former SpaceX intern who received a $100,000 grant from billionaire investor Peter Thiel to drop out of college. Companies like IBM, Accenture, and Amazon Web Services are also loosening degree requirements. AI tools are changing the hiring landscape, making it easier for companies to evaluate candidates based on skill rather than credentials. Apprenticeships are providing opportunities for non-graduates, as Amazon Web Services offers a program that compensates students for four weeks of training, often leading to subsequent hiring. IBM has also partnered with Brooklyn's P-Tech high school to recruit young tech talent.
Thailand's foreign investment soars in 2024
Thailand's Commerce Ministry reported that foreign investment increased by 79% in 2024, reaching THB228.1bn. Japanese investors were the most significant contributors, accounting for over THB121.19bn, which is 27% of the total foreign investment. Auramon Sapthaweethum, director-general of the Department of Business Development, noted that "954 foreign businesses had received authorisation to operate in Thailand in 2024." The surge in investment has led to a 43% rise in the number of foreign businesses, although the number of Thai employees hired by these investors decreased by 26%. The Eastern Economic Corridor (EEC) also saw substantial growth, with a 124% increase in foreign investors. December alone saw 70 foreign businesses authorised, creating 1,369 jobs and facilitating technology transfer in various sectors. However, there was a 26% drop in the number of Thai workers employed by foreign investors (from 6,845 in 2023 to 5,040 in 2024).
WORKFORCE
Decathlon accused of using forced labour in China
French media outlets Disclose and France 2 have reported that Decathlon has benefited from forced labour undertaken by China's Uyghur minority. Decathlon has purchased textiles from the Qingdao Jifa Group, a clothing company that "relies on a forced labour network in China," according to Disclose. Decathlon has confirmed its collaboration with Qingdao Jifa Group but denies any forms of forced labour and assures that all cotton used is supplied by responsible sources.
DIVERSITY, EQUITY & INCLUSION
Apple urged to keep DEI policies
Proxy advisory firm ISS has recommended that Apple shareholders reject an investor proposal to abolish the company's diversity, equity, and inclusion (DEI) policies. ISS said the company's disclosures offer shareholders sufficient information about its DEI policies and there have been no controversies or indications of bias against employee groups.
TAX
Korea's tax revenue takes a hit
Korea experienced a decline in tax revenue in 2024, with collections totalling 336.5tn won ($231.9bn), down 7.5tn won from the previous year. The Ministry of Economy and Finance attributed the shortfall to a 22.3% drop in corporate income tax, which fell to 62.5tn won due to ongoing economic challenges. This figure was 30.8tn won below initial forecasts, following a record shortfall of 56.4tn won the previous year. The ministry had revised its 2024 tax revenue estimate to 337.7tn won, but the final collection fell short by 1.2tn won. Despite the overall decline, income tax revenue rose by 1.6tn won, driven by higher interest income tax and improved employment. The ministry has said it is considering involving outside experts and artificial intelligence to better evaluate tax revenue estimates.
ECONOMY
Australia to cap grocery prices for remote areas
Australian Prime Minister Anthony Albanese has announced a plan to improve well-being in remote Indigenous communities by imposing a price cap on essential groceries, including milk, bread, rice, chicken, toothpaste, and toilet paper, across 76 remote stores. The plan also includes the rollout of new laundries in 12 rural areas and the upskilling of up to 120 Indigenous workers in remote stores to build a nutrition workforce.
INTERNATIONAL
Trump halts enforcement of US law banning bribery of foreign officials
President Donald Trump has directed Pam Bondi, the US attorney-general, to halt the enforcement of the 1977 Foreign Corrupt Practices Act, a US anti-corruption law that bars Americans from bribing foreign government officials to win business. “It sounds good on paper, but in [practice] it’s a disaster,” Trump said of the FCPA after signing the executive order to pause enforcement of the law. “It means that if an American goes over to a foreign country and starts doing business over there legally, legitimately or otherwise, it’s almost a guaranteed investigation, indictment and nobody wants to do business with the Americans because of it.” A White House official said: “President Trump is stopping excessive, unpredictable FCPA enforcement that makes American companies less competitive,” adding “[US] national security depends on America and its companies gaining strategic commercial advantages around the world.” Trump's executive order "diminishes - and could pave the way for completely eliminating - the crown jewel in the US's fight against global corruption," Gary Kalman, executive director of anti-corruption watchdog Transparency International US said in a statement.
 


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