THE HOT STORY

Push to curb excessive working hours in Korea

South Korea's government plans to introduce new legislation in 2026 aimed at reducing excessive working hours. The Ministry of Employment and Labor announced that the bill will grant workers the right to disconnect from job-related messages after hours and establish half-day leave as a legal entitlement. Currently, South Korea's real working hours are among the highest in the OECD, at 1,859 hours in 2024. Labour Minister Kim Young Hoon said: "We reached an agreement among labour, business and the government through extensive communication and compromise on measures to reduce working hours." The government aims to align working hours with the OECD average of 1,708 by 2030.

Straits Times

HIRING

Hong Kong accounting firms plan hiring spree

KPMG, Deloitte and EY are expanding their respective workforces in Hong Kong, as they aim to attract new accountants while integrating artificial intelligence to enhance efficiency. Andrew Wong, partner at KPMG China, said: "We do not believe AI is a replacement for humans," as he highlighted that AI in fact complements human roles. Derek Lai from EY noted that AI tools are essential for attracting young talent, especially in debt restructuring, where efficiency is crucial.

South China Morning Post

RETENTION

Singaporean workers ready to jump ship over pay

Most employees in Singapore are considering leaving their jobs due to dissatisfaction with salary increments and bonuses, according to Randstad Singapore's 2026 Job Market Outlook and Salary Guide. The study, which polled 500 respondents, found that only 28% feel confident about securing a promotion. And while 64% expect salary increases of less than 5%, many are also concerned about unrealistic job requirements. David Blasco, country director at Randstad Singapore, noted that companies may offer higher salaries in sectors facing skill shortages, but talent mobility remains limited.

Business Times SG

WORKFORCE

Labourers protest Jakarta's minimum wage hike

Labourers in Jakarta are unhappy with the newly announced minimum wage for 2026, set at Rp 5.73m, which they argue does not meet the rising cost of living. The Confederation of Indonesian Trade Unions (KSPI) rejected the increase, saying it falls short of the basic living cost of Rp 5.89m. KSPI chairman Said Iqbal said: "The new minimum wage . . . is still Rp 160,000 short." The Jakarta administration acknowledged dissatisfaction but said the wage is necessary for economic stability.

Straits Times

India raises foreign direct investment limit in insurance to 100%

India's Parliament has approved a bill increasing foreign direct investment in the insurance sector from 74% to 100%, aiming to enhance insurance coverage for the country's vast population. Finance Minister Nirmala Sitharaman said the amendment is expected to stimulate job creation and skill development while encouraging foreign insurers to invest in the country. The legislation, however, does not include a proposed composite license that would have allowed insurers to offer various types of insurance under one entity, potentially impacting future market strategies.

Insurance Journal

TECHNOLOGY

China releases draft rules to regulate AI

China's cyber regulator has released draft rules for public comment aimed at tightening oversight of AI services that simulate human personalities and engage users emotionally. The proposed regulations stress safety and ethical standards for consumer-facing AI products and mandate providers to warn against excessive use and intervene in cases of addiction. Providers must assume safety responsibilities throughout the product lifecycle, enforce algorithm reviews, and protect user data. Additionally, the draft seeks to address psychological risks by requiring providers to assess users' emotions and intervene if they display extreme emotions or addictive behaviours. The regulations also prohibit content that threatens national security or promotes harmful behaviours.

Reuters

CYBERSECURITY

Coupang to pay South Korean data leak victims $1.18bn

South Korean e-commerce company Coupang has announced a compensation deal worth 1.69trn won ($1.18bn) for 33.7m accounts affected by a significant data leak. Each customer will receive company vouchers of 50,000 won. The announcement followed a public apology from Coupang's founder, Kim Bom, who has declined to attend upcoming parliamentary hearings. Compensation in the form of vouchers has faced criticism, with lawmakers and consumer advocacy groups arguing that it minimises the seriousness of the breach and serves more as a marketing strategy than true restitution. Coupang has not commented further on the backlash.

Reuters

WORKPLACE

What does the future workspace look like? It depends where you sit

Employers are redesigning offices to be neurodiversity-friendly. People with ADHD, for example, may find it harder to concentrate in open-plan spaces; those with autism may need greater control over conditions.

Financial Times

INTERNATIONAL

AI forecast to put 200,000 European banking jobs under threat

More than 200,000 jobs in European banking are at risk as lenders adopt artificial intelligence and reduce branch networks, according to a Morgan Stanley report. The analysis predicts a 10% job cut by 2030, primarily affecting central services, back-office, and compliance roles. With 2.12m employees in the sector, this equates to approximately 212,000 positions. Morgan Stanley noted that banks are under pressure to enhance efficiency, with some citing potential gains of 30% from AI. Jason Napier from UBS remarked: "Cost bases are large . . . and these new powerful tools are yet to be fully implemented."

Financial Times

PYMNTS

EEOC must meet high legal bar to prove DEI policies discriminate

Interviews with more than a dozen corporate legal and compliance experts suggest that the US Equal Employment Opportunity Commission (EEOC) has a high bar to clear to prove companies' diversity, equity and inclusion (DEI) policies violate discrimination law, Reuters reports. New EEOC chair Andrea Lucas told Reuters last week that the agency plans to launch inquiries into corporate DEI practices to find out whether employers made race or sex-based decisions - but former EEOC chair Jenny Yang says it still has to build a case and convince the courts that a company's programs run afoul of the law.

Reuters

Gaza war 'has led to 77% unemployment'

Sami Al Amssi, head of the General Federation of Palestinian Trade Unions in Gaza, says the ongoing conflict has led to the suspension of around 400,000 workers, raising the unemployment rate to 77% in 2025. Al Amssi said that vital sectors have been devastated, with total economic losses estimated at approximately $4bn. He emphasised that the only way to alleviate workers' suffering is through a ceasefire and compensation for their losses.

The Peninsula

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