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APAC Edition
12th March 2025
 
THE HOT STORY
Singapore's unique path to women's development
On March 5, Singapore's Senior Minister of State for Finance Sim Ann highlighted the city-state's approach to women's development, which she described as “quiet advocacy” rather than “textbook feminism.” This method fosters collaboration between genders, aiming for “buy-in, not run-ins.” Ms Sim noted that many policies, while not explicitly feminist, have positively impacted women's well-being, such as those enhancing safety, education, and housing. She cited the United Nations Human Development Report Gender Inequality Index, which ranked Singapore eighth globally, saying: “the progress indicators have been phenomenal.” Furthermore, she emphasised the increase in female representation in Parliament, now at 29%, a share which was achieved without quotas. Ms Sim expressed optimism for future female candidates and stressed the importance of merit in leadership roles, saying: “what's important is that . . . a woman is in a particular position because she is able to do the work.”
WORKFORCE
Japan faces severe worker shortage
Japan is currently experiencing its most significant shortage of full-time workers since the COVID-19 pandemic began, with over 53% of 11,000 surveyed companies reporting a need for more staff, according to Teikoku Databank Ltd. The information services sector and the construction industry are facing the most acute shortages. Additionally, 30.6% of firms are struggling to find part-time workers, with staffing agencies and the restaurant sector particularly affected. To combat this, 68.1% of companies plan to increase wages for full-time employees starting in April. However, Teikoku Databank cautioned: "We have to be vigilant against the risk of more companies going bankrupt due to labour shortages." The number of bankruptcies linked to workforce deficits reached a record high in 2024.
Singapore reshapes migrant worker rules
Starting from July 1, 2025, Singapore will eliminate the cap on the duration of employment for migrant workers, as announced by Minister for Manpower Tan See Leng. Currently, work permit holders can work for 14 to 26 years, but this limit will be removed to allow firms to retain experienced workers. The maximum employment age for these workers will also increase from 60 to 63, aligning with the local retirement age. Dr Tan said: “With these changes, employers can retain experienced workers who are still able to contribute.” Additionally, the Non-Traditional Sources Occupation List will expand, allowing more hiring options for employers. The changes aim to enhance the quality of the workforce while addressing the need for skilled labour amid an ageing population and economic challenges.
Aon acquires MCG's insurance agency
Aon has successfully completed its acquisition of Mitsubishi Chemical Group's (MCG) in-house insurance agency business. The acquisition, part of MCG's Dia Rix services, will enable Aon to offer corporate and personal insurance to MCG's group companies and employees in Japan. Tatsuya Yamamoto, head of Japan at Aon, said: “In today's rapidly evolving environment for in-house agencies, MCG pioneered this project by joining forces with Aon to better address the needs of their companies and employees.” The move aims to enhance Aon's Risk Capital and Human Capital capabilities in Japan, adding 100 new colleagues to its workforce, which now totals over 400 professionals.
TECHNOLOGY
AI development 'faces risk of entrenched bias'
Himani Agrawal, chief partner officer at Microsoft India, warns that the underrepresentation of women in artificial intelligence (AI) could entrench existing societal biases in future technologies. She said: "If AI is shaping the world, then the people shaping AI need to reflect the world's diversity." Agrawal emphasises the importance of fostering curiosity in young girls and strengthening mentorship networks to ensure women not only enter the workforce but thrive in it. With women making up only 31.6% of Microsoft's core workforce, she highlights the need for greater female participation, particularly in emerging fields like cybersecurity. Agrawal advocates for creating inclusive environments that empower women through mentorship and equal access, saying: "True inclusion is about more than representation; it's about reimagining the way work fits into women's lives." She calls for equitable workplaces where men actively support inclusion and challenge biases.
STRATEGY
Bayer opens innovation centre in Beijing
Bayer Pharmaceuticals has opened the Bayer E-Town Open Innovation Center in Beijing. The centre aims to foster collaboration among industry, academia, and research to accelerate advancements in the biopharmaceutical industry. It will use artificial intelligence-powered and data-driven operation models to improve healthcare providers' engagement on the ground. Bayer is the only foreign pharmaceutical company to establish both a product supply centre and a research and development centre in Beijing.
TRAINING & DEVELOPMENT
China's job market faces skills gap
China's Human Resources and Social Security Minister, Wang Xiaoping, has highlighted the urgent need for skills development as the country faces significant employment challenges. With 30m individuals needing to maintain their jobs to avoid poverty and 12.2m university graduates entering the labour market, Wang commented: “Amid the interweaving effect of demographic changes and technological transformations, many people are anxiously searching for work while many jobs remain open.” The government plans to subsidise vocational training for 10m people annually, focusing on essential skills in advanced manufacturing and technology. Additionally, measures will be taken to support gig workers, who make up about 23% of the workforce, and to combat employment discrimination. The aim is to create no fewer than 12m urban jobs in 2025 while maintaining a surveyed urban unemployment rate below 5.5%.
CORPORATE
KPMG overhaul will see markets merged
KPMG has announced plans to merge many of its national partnerships as it looks to accelerate growth. The Big Four firm will reduce the number of ‘economic units’ to 32. Just two years ago, there were more than 100 of these units. KMPG executives have reportedly flagged $300m as the revenue threshold below which economic units will be encouraged to merge. A spokesman for KPMG International said: “As part of our collective strategy, we see opportunities for greater integration of some of our member firms over time.” The spokesperson added that greater integration of KPMG's businesses “underpins our commitment to greater consistency and quality.” Gary Wingrove, chief operating officer of KPMG International, said: “The fewer business units you have, the easier it is to do business globally.”
INTERNATIONAL
Retailers walk a tightrope on DEI
Several US retailers, including Target, Amazon, and Tractor Supply, have publicly ended their diversity, equity, and inclusion (DEI) programmes but continue to support certain initiatives behind the scenes. Jason C. Schwartz, an employment law partner at Gibson Dunn, noted that companies are "trying to thread the needle" between corporate values and legal risks. While some retailers have ceased specific DEI efforts, they maintain support for events and resource groups for underrepresented employees. For instance, Tractor Supply ended a DEI programme aimed at increasing management diversity but assured employees that inclusivity initiatives would persist. Schwartz said that companies are "essentially picking their battles" in this evolving landscape.
Generation Z shatters employment stereotypes in Germany
The employment rate for students aged 20 to 24 in Germany surged 19 percentage points between 2015 and 2023 to 56%, according to a study by the Nuremberg Institute for Employment Research (IAB). Enzo Weber, head of research at the IAB, said: "The idea that Generation Z demands a lot but works little is a widespread prejudice. But it is wrong." The overall participation rate for Generation Z has also increased by six percentage points to 76%. This trend indicates a strong work ethic among young adults, with many students taking on part-time jobs to support themselves amid rising living costs. Federal Minister for Family Affairs Lisa Paus remarked: "That this generation is willing to roll up their sleeves deserves recognition and respect."
Modern slavery cases in UK reach record high
In 2024, the UK saw a record 19,125 potential victims of modern slavery referred to the Home Office, marking a 13% increase from the previous year. This figure is the highest since the National Referral Mechanism began in 2009. Notably, 44% of referrals indicated overseas exploitation, with Libya, Albania, and Vietnam being the most common countries of origin. The majority of victims were male (74%), and around 31% were children. The UK government has committed to eradicating the backlog of modern slavery cases by 2026, with 200 additional staff hired to expedite processing.
 


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