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APAC Edition
29th May 2025
 
THE HOT STORY
Australians are working longer hours but are less productive
Australia is grappling with a productivity issue, according to the latest Productivity Commission report. Despite Australians working record-long hours, there has been a lack of corresponding business investment in technology and systems to enhance efficiency. Alex Robson, deputy chair of the Productivity Commission, said: "People having jobs is obviously a great thing . . . but that's not a recipe for prosperity over the longer term." The report indicates that productivity growth is stagnating, with a mere 0.07% increase in multi-factor productivity over the past year. Innes Willox, chief executive of the Australian Industry Group, emphasised that businesses are hesitant to invest due to challenging economic conditions. The report also points to the care sector's productivity decline, which has been attributed to the influx of less experienced workers. The Productivity Commission is currently conducting inquiries across various sectors to identify policy solutions, with findings expected later this year.
HIRING
Hiring confidence on the increase in Singapore
Hiring confidence in Singapore is on the rise, with 42% of employers saying they plan to recruit more permanent staff in the first half of 2025, according to the Hiring, Compensation and Benefits 2025 report by Jobstreet by Seek. This marks an increase from 32% in the second half of 2024. The survey, conducted with 887 employers, revealed that while permanent roles are in demand, 31% of employers are also increasing their reliance on contract and part-time staff, up from 15% in 2024. Vic Sithasanan, managing director at Jobstreet by Seek, said “Singapore's job market is entering a new chapter,” as he highlighted the shift towards AI readiness and work-life flexibility as key factors for both employers and jobseekers.
Shanghai boosts job prospects for graduates
Shanghai is enhancing support for university graduates in securing employment and starting businesses. The city has introduced 29 measures aimed at creating a comprehensive support system for graduates. These initiatives encourage universities to engage employers for campus recruitment and promote job opportunities through various channels, including live-streaming. A recent job fair at the Shanghai University of Finance and Economics attracted around 1,000 companies, offering over 21,000 job opportunities across various sectors. Additionally, cities in the Yangtze River Delta are implementing innovative policies to attract talent and promote employment.
WORKFORCE
More Korean women choose work over marriage
The employment rate for Korean women in their 30s has increased significantly, rising from 61.3% in 2021 to 71.3% in 2024, according to Statistics Korea. The surge is attributed to various factors, including a shift towards prioritising careers over marriage and childbirth. Additionally, more women are returning to work post-maternity leave, supported by improved work-life balance initiatives. The Korea Women's Development Institute reported that 76% of the employment rise is linked to low birthrates, while 24% is due to women's willingness to work after having children. Despite a decline in married women in this age group, the number of career-interrupted women has decreased significantly. Experts highlight the importance of improving job quality, as many new roles are short-term or part-time, which tend to attract more women.
STRATEGY
HSBC axes analysts in major shake-up
HSBC has reportedly laid off over two dozen analysts in its investment banking division as part of a significant restructuring led by chief executive Georges Elhedery. The cuts, primarily affecting Europe, follow a 10% workforce reduction in France and the cancellation of the UK Corporate and Investor Conference. Elhedery’s strategy focuses on shifting resources towards Asian operations, which have shown strong growth. By contrast, he noted: "In the West, the US remained an outperformer, while growth across Europe was disappointing." The bank aims to achieve £1.2bn in cost savings by 2026, prompting further scrutiny of its investment banking sector.
Slowing EV demand spurs job cuts at Geely-owned Volvo
Swedish automaker Volvo, owned by China's Geely,  is cutting about 3,000, or 15%, of its office-based workforce amid a slowdown in demand for electric vehicles, along with geopolitical uncertainty and other rising costs. “The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars,” said Håkan Samuelsson, Volvo Cars president and chief executive. “The automotive industry is in the middle of a challenging period. To address this, we must improve our cash flow generation and structurally lower our costs." The company has 42,600 full-time employees.
McKinsey sheds 10% of staff in 2-year profitability drive
McKinsey has cut more than 10% of its staff in the past 18 months in an indication of sharply slowing revenue growth across the broader consulting market, the FT reports.
HEALTH & WELLBEING
Professionals are losing control of their work
The FT's Sarah O'Connor looks at research which suggests that having little control over how you work can be bad for your mental and physical health.
INTERNATIONAL
Prosecutors in Brazil sue Chinese carmaker BYD over labour conditions
Brazilian labour prosecutors have filed a lawsuit against Chinese carmaker BYD and two contractors, alleging the illegal trafficking of Chinese workers to Brazil, where they are said to have endured “slavery-like conditions.” The prosecutors are seeking 257m reais ($45m) in damages, claiming that 220 workers were found in degrading conditions during a police raid in December 2024. The lawsuit highlights that the workers were subjected to high contract termination costs, wage withholding of up to 70%, and poor living conditions, including inadequate sanitation. Deputy labour prosecutor Fabio Leal said: “Our lawsuit is very well-founded, with a substantial amount of evidence provided during the investigation process.” BYD, which has a significant presence in Brazil, has denied the allegations, asserting its commitment to human rights and cooperation with authorities.
Thyssenkrupp plans major overhaul
German steel giant Thyssenkrupp has announced a significant restructuring plan that will divide the conglomerate into several independent businesses, raising concerns about potential job losses. Chief executive Miguel Lopez said that the move aims to enhance "entrepreneurial flexibility" and attract outside investment. The plan will affect various segments, including automotive and green technologies, with the goal of retaining a controlling stake while allowing for independence. Investors reacted positively, with shares rising over 8% on the Frankfurt Stock Exchange. However, the restructuring has sparked fears of job cuts, particularly in North Rhine-Westphalia, where Thyssenkrupp is a major employer. Dennis Radtke, a European Parliament lawmaker, warned of a "dramatic situation for the entire value chain in the steel industry" if the plan proceeds. Thyssenkrupp has faced significant losses in recent years, including plans to cut around 11,000 jobs in its steel division.
Unions warn of discrimination risk in Finland's fixed-term job reform
The Finnish government's proposal to ease fixed-term employment contracts has faced significant backlash from employee organisations, who warn of increased job insecurity and discrimination risks, particularly for women. The proposed legislation would allow employers to offer fixed-term contracts of up to one year without justification, a shift from the current requirement for valid reasons. Ville Kopra, labour market director at the Confederation of Unions for Professional and Managerial Staff in Finland (Akava), said: “Removing the requirement for justification will bring more harm than benefit.” Statistics Finland indicates that fixed-term contracts are more prevalent among women, with 19% of female wage earners in such roles. While employer representatives argue the reform meets real-life needs, concerns persist about its impact on vulnerable groups and the potential for increased discrimination. The government plans to consult the public on the draft law this summer.
OTHER
Japan's retailers apply to buy government's stockpiled rice
Nineteen Japanese companies have applied to purchase the government's stockpiled rice, with contracts expected to be finalised and rice delivered to them as soon as Thursday to alleviate rising prices for the staple. "We are now proceeding with the procedures promptly, and we will complete the discretionary contract with the first businesses today or tomorrow, and deliver the stockpiled rice the day after tomorrow", said Agriculture Minister Shinjiro Koizumi. "Things are falling into place so that the rice can hit store shelves in the first week of June". The applications amount to approximately 90,824 metric tonnes, which is around 30% of the rice planned for release.
 


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