THE HOT STORY

Korea's workforce sees age shift

For the first time in South Korea, workers aged 50 and older now outnumber those in their 20s at major companies. According to the Leaders Index report, the share of employees under 30 fell to 19.8% in 2024, a decline from 21.9% in 2022. In contrast, the proportion of workers aged 50 and above rose to 20.1%. Park Ju-geun, head of Leaders Index, observed: "We've reached a turning point where generational proportions are reversing." The trend is particularly evident in the secondary battery and IT sectors, where younger workers are increasingly scarce.

Korea Joongang Daily

STRATEGY

Singapore's launches economic strategy review

Singapore is reassessing its economic strategy amid global uncertainties, including tariffs and geopolitical tensions. Deputy Prime Minister Gan Kim Yong announced the review on August 4, aiming to enhance global competitiveness and the start-up ecosystem. The Singapore Economic Resilience Taskforce (SERT) will oversee five committees, each led by political office-holders, to gather feedback and develop recommendations. DPM Gan said: "We have to take a broader review of the economic strategy." The final report is expected by mid-2026, addressing the evolving economic landscape and potential opportunities.

The Nation

ECONOMY

Japan sees continued fall in real wages

Japan's real wages fell by 1.3% in June, marking the sixth consecutive month of decline as inflation continues to outstrip wage growth, raising concerns about the country's economic recovery. Although the drop was the slowest since January, the situation highlights ongoing pressures on consumer spending, with the Bank of Japan potentially considering interest rate hikes in response to persistent inflation.

Reuters

WORKFORCE

Hongkongers eye retirement abroad

A survey by BOC Life indicates a significant shift in retirement preferences among Hongkongers, with 24% now considering retiring outside the city, a notable increase from less than 5% a decade ago. Wilson Tang, chief executive of BOC Life, said: “These aspirations of a generation with significant wealth now entering retirement are easily attainable.” The survey, which polled 428 professionals aged 45 and above, revealed that the Greater Bay Area in mainland China is the most popular choice for relocation, attracting 42% of respondents. The study also highlighted that 14% of participants had sought medical treatment in mainland China due to lower costs. As the healthcare system in China improves, Tang anticipates this trend will continue, emphasising the importance of accessible healthcare for retirees. The Hong Kong government is also responding to this demographic shift with measures to enhance the silver economy, which is expected to grow significantly in the coming years.

South China Morning Post

Pakistan to resume exporting skilled workers to Kuwait

In May, Kuwait lifted a 19-year visa ban on Pakistani nationals, allowing the Ministry of Overseas Pakistanis and Human Resource Development to resume exporting skilled workers. The decision is vital for Pakistan, because remittances from overseas workers are crucial for the country's economic revival. Various job vacancies are available, including positions for warehouse supervisors and unskilled workers.

Arab News

LEGAL

Cambodian conglomerate laundered $4bn, according to US Treasury

The Huione Group, a Cambodian conglomerate known for selling insurance, money exchange, and financial services, has been described as a "critical node" for laundering at least $4bn from scams and crypto heists by the US Treasury. The company's network has helped supercharge the growth of Asia's cyberscam industry into a multi-billion dollar behemoth. The US Treasury has identified three entities as having played roles in helping criminal syndicates move illegitimate funds: Huione Pay, cryptocurrency exchange Huione Crypto, and online marketplace operator Haowang Guarantee (formerly Huione Guarantee). These entities function as a single entity, serving clients such as transnational crime organisations and the Lazarus Group, a North Korean hacking group. The risks presented by Huione's association with illicit actors and transactions are based on either an absence of or ineffective anti-money laundering/know your customer (AML/KYC) policies and procedures.

Bloomberg

TECHNOLOGY

Robots take centre stage in Shenzhen

Future Era has opened the world's first "6S" robotics store in Shenzhen's Longgang district. The store features a variety of robots, including humanoid assistants and food delivery bots. Customers can browse, buy, rent, or customise robots to meet their needs. The store aims to tap into China's rapidly growing robotics market, which is expanding into consumer and service sectors. Daily rental prices for robots range from approximately 5,000 yuan to 20,000 yuan ($695-$2,781).

South China Morning Post

DIVERSITY, EQUITY & INCLUSION

Google cuts ties with DEI groups

Google has removed 58 diversity, equity, and inclusion (DEI) groups from its funding list, according to a recent watchdog report. The change follows pressure from the Trump administration to reduce support for organisations that use terms like "race" and "women." Google has also ceased diversity hiring goals and removed DEI language from its grant website and 10-K filings. A Google spokesperson said: "We are committed to supporting a diverse workforce."

Techcrunch

INTERNATIONAL

Musk's 'five things' email to be axed

The Trump administration is set to terminate a programme initiated by Elon Musk that required federal employees to summarise their weekly achievements. The Office of Personnel Management (OPM) plans to announce the end of the so-called "five things" email, which aimed to enhance accountability but faced backlash from department heads and confusion among workers. Scott Kupor, a venture capitalist who took over at OPM last month, had previously described the processing of the weekly response emails as "very manual" and "not efficient." He had said: "It is "something that we should look at and see, like, are we getting the value out of it that at least the people who put it in place thought they were." The decision marks a shift away from one of Musk's most controversial initiatives, following tensions between him and President Trump over various issues.

Politico

USA Today

U.S. News

UK staff quit over office working demands

A number of workers in the UK are opting to resign instead of returning to the office as companies enforce stricter in-person attendance. According to a survey of 583 businesses by the British Chambers of Commerce (BCC), 10% of firms said staff have left over policies mandating a return to the office. Over 40% of firms have increased office attendance requirements, with nearly half expecting full-time office work within a year. Jane Gratton, the BCC's director of public policy, said: "With the cost of doing business continuing to escalate, firms are looking to boost productivity . . . Hybrid working has become a fixture of modern working life since the pandemic and is valued by employers and their workforce. But it does not suit everyone and, for some firms, a full on-site model may be the best solution for the business.”

Somalia's camel milk revolution is boosting jobs

Somalia is experiencing a significant shift in its agricultural practices, particularly in the field of camel milk production. Beder Camel Farm, managed by veterinarian Dr. Abdirisak Mire Hashi, is at the forefront of this change, producing up to 10 litres of milk per camel daily. The farm has also launched Somalia's first camel milk yogurt factory, addressing nutritional needs in the region. Hashi said: "If we can modernise how we raise camels and handle the milk, we can create jobs and improve nutrition." Dr. Kasim Abdi Moalim, Director of Animal Health at Somalia's Ministry of Livestock, observed: “The benefits of camel milk are countless . . . In countries like the UAE, camel milk is also used for cosmetics. Somalia must catch up and develop the full value chain.”

U.S. News

The Human Times is designed to help you stay ahead, spark ideas and support innovation, learning and development in your organisation.

The links under articles indicate original news sources. Some links lead directly to the source material. Others lead to paywalls where you may need a subscription. A third category are restricted by copyright rules.

For reaction and insights on any stories covered in the Human Times, join the discussion by becoming a member of our LinkedIn Group or Business Page, or follow us on X.

Online

Advertise

This e-mail has been sent to [[EMAIL_TO]]

Click here to unsubscribe