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APAC Edition
11th April 2024
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THE HOT STORY
Singapore raises salary threshold for foreign workers
Singapore is raising the salary threshold for foreigners seeking work permits in an effort to balance the need to attract top talent with the concerns of locals competing for jobs. Starting next year, new applicants for the Employment Pass (EP) system will need to earn at least 5,600 Singapore dollars per month, up from 5,000 Singapore dollars. The changes aim to create a level playing field for locals and target high-end positions. The move comes as Singapore grapples with tensions over hiring foreign talent and prepares for a leadership transition. While the higher salary threshold may affect small and medium-sized enterprises, Singapore's business-friendly environment and infrastructure will continue to attract international companies. The changes are also expected to accelerate initiatives to create high-quality jobs for locals and enhance overall labour productivity. Singapore remains a preferred choice for firms' regional headquarters, and businesses seeking to establish a foothold in Asia are likely to prioritize Singapore due to its high-calibre talent pool.
BACKGROUND SCREENING
Switching background screening partners: how to make the change, seamlessly

If you’re a business that screens its workforce, you’ll know that the relationship with your provider doesn’t stop at the checks. Partnering with a background check specialist is multi-faceted, taking onboard open communication, speed, stringent data security, and a whole lot of trust.

But what happens when that relationship falters?

Moving to a new provider can be fraught with difficulty. However, with some planning, and a clear idea of your objectives, the transition can be more straightforward than you think.

Download this essential step-by-step guide to seamlessly switching background screening partners.

 
HEALTH & WELLBEING
Chinese retail tycoon introduces 'unhappy leave' for employees
A retail tycoon in China, Yu Donglai, has introduced "unhappy leave" days for employees to achieve a better work-life balance. During China Supermarket Week, Yu announced that employees could request 10 days of additional leave at their discretion. The idea has garnered support on social media, with many praising the boss and the company culture. Over 65% of employees in China feel tired and unhappy at work, according to a survey. Low wages and overtime culture are the main sources of negative emotions. Yu's employment policies include 7-hour workdays, weekends off, and generous annual leave. Despite having only 13 stores, Yu's supermarket chain has gained nationwide recognition for its high standard of customer service. The company  says its philosophy is "freedom and love." Yu says he aims to prioritise his employees' well-being and create a healthy and relaxed work environment.
STRATEGY
EY mulls another 100 job cuts in Oceania
EY Oceania is considering plans to cut 100 jobs, joining other accounting firms such as Deloitte, KPMG, and PwC in reducing staff. The industry has been affected by the post-Covid economic downturn, leading to weaker sales and less activity in mergers and acquisitions. EY Oceania is expected to announce the job cuts next week. PwC Australia has already announced a round of job reductions, lowering its headcount by over 300 employees. “In the event EY Oceania makes any workforce changes, our first and foremost priority will be to communicate with impacted people in our business, before updating stakeholders more broadly,” EY said in an emailed statement. “We have not communicated any workforce changes with our people and will update the media if this occurs.”
HSBC plans to expand wealth business in China, double headcount
HSBC plans to accelerate the expansion of its wealth business in China and India. The bank aims to double its headcount in China by next year and expand its mainstay wealth business in India. HSBC has already hired around 1,700 wealth managers in China and plans to increase that number to 1,900 by the end of this year. The bank's expansion in China comes despite concerns about the country's economy. HSBC's wealth and personal banking unit in China posted an operating loss of $90m last year. However, the bank remains optimistic about the future and sees profitable components in its business in China. HSBC is also focusing on the robust Indian economy and has hired relationship managers and investment counsellors for its India private banking unit. The bank's Asian wealth hubs, Hong Kong and Singapore, continue to benefit from the growing number of high net worth individuals from China and the Middle East.
Microsoft to invest $2.9bn in AI business in Japan
Microsoft will invest about $2.9bn over the next two years to strengthen its artificial intelligence (AI) business in Japan. The company plans to install advanced AI semiconductors at two existing facilities in eastern and western Japan, as well as establish a new lab in Tokyo for robotics and AI research and development. Additionally, Microsoft will launch an AI-related reskilling program to train 3 million workers in Japan over three years. The announcement is expected to be made during Japanese Prime Minister Fumio Kishida's visit to the United States. Microsoft's investment in Japan's AI business is its largest in the country. 
WORKFORCE
Indian workers aid labour shortage in Israel
Indian workers are set to arrive in Israel in April and May to address the labour shortage faced by the local construction sector amid the Israel-Hamas conflict. The government of Israel has announced that the workers will be transported via "air shuttle" with charter flights being subsidized to facilitate their arrival. The initiative is the result of a collaborative decision by the Israel Prime Minister's Office (PMO), Finance Ministry, and the Construction and Housing Ministry. The outbreak of the conflict in October led to the revocation of work permits for a significant majority of workers. Last week, an Indian External Affairs Ministry spokesperson emphasized the safety of the Indian workers.
ECONOMY
Global economic growth to fall below historical average by 2030, IMF warns
Global economic growth is expected to reach just 2.8% by 2030, a full percentage point below the historical average, according to the International Monetary Fund (IMF). The IMF warns that major reforms are needed to enhance productivity and leverage technologies like artificial intelligence (AI) in order to counter the weakening growth outlook. The persistent low-growth scenario, combined with high interest rates, could also limit governments' ability to counter economic slowdowns and invest in social welfare or environmental initiatives. The IMF urges countries to take urgent action to prevent worsening prospects for living standards and global poverty reduction. The growth rate of the global labour supply is projected to be less than a third of its average in the decade before the COVID-19 pandemic. However, focused policy actions to enhance market competition, trade openness, financial access, and labour market flexibility could lift global growth by about 1.2 percentage points by 2030. Additionally, harnessing the potential of AI to boost labour productivity could add up to 0.8 percentage points to global growth. The IMF emphasizes the need for regulatory frameworks, intellectual property protections, and fair distribution of AI benefits.
India aims to overtake China as world's fastest-growing economy
India aims to overtake China as the world's fastest-growing economy, with strategic investments, increased labour participation, and infrastructure development, Bloomberg reports. India's robust economic growth rates and young, growing population are advantageous factors. However, challenges remain, such as modernising infrastructure, expanding the labour force, and building out urban centres. India's success could provide an alternative to China for foreign investment and serve as a counterweight to China's global influence. While India has the potential to become the world's largest contributor to global growth, it still has a long way to go to catch up to China's economy. India's economic ambitions also come with downsides, such as environmental concerns. Analysts believe that India can achieve its growth plans and continue to attract foreign investment, positioning itself as a major player on the world stage.
INTERNATIONAL
Thousands turn to online content creation as job market remains unstable
Despite a strong job market, thousands of people across various industries in the US are finding themselves out of work. Rather than seeking traditional employment, many are turning to online content creation as a new career path. The rise of social media platforms like TikTok and YouTube has created opportunities for content creators to make money through brand deals and advertising. While the job market remains uncertain, content creation offers individuals more control over their schedules and the ability to work from home. However, success in this field requires time, energy, and resources, as creators navigate brand deals and sponsorships. The unpredictability of platform algorithms and audience preferences adds to the challenges. Nonetheless, content creation has become a viable option for those seeking alternative employment. As one content creator noted: "I think most employees look at employers now and no longer think that they are going to find security — permanent security — in a job." The industry is estimated to be worth $250bn, with some creators earning over $100,000 annually. While content creation may not guarantee financial stability, it offers individuals the opportunity to pursue their passions and explore new avenues of income generation.
Four-day week 'risks widening inequalities'
A four-day working week risks "widening existing inequalities," according to analysis commissioned by the Welsh government ahead of a potential pilot scheme. The group tasked with assessing the working pattern said: “Given the different gender, race and other characteristics of different workforces in the public sector, there is potential for negative and differential impacts on particular protected characteristics.” Among suggestions put to the Welsh government, the group recommended using the terms "shorter working week" or "shorter working day" as a "four-day week" could be "widely misinterpreted and taken in its literal sense." Future Generations Commissioner Derek Walker is among those who have backed calls for a four-day week pilot, saying: “An outdated industrial age model means the time is ripe to explore how things can be done differently.”
Spain's lower house votes to legalise undocumented migrants
Spain's lower house of parliament has voted to begin working on a bill that would legalise hundreds of thousands of undocumented migrants in the country. The proposal, backed by civil society groups with over 600,000 signatures, aims to address the issue of irregular migrants living in Spain. Political parties now have up to two months to amend the proposal before a final vote. The number of undocumented migrants in Spain is estimated to be close to half a million, with around a third of them being minors. The Spanish Catholic Church and the conservative opposition People's Party have expressed support for the bill, while the far-right party Vox voted against it. Spain previously granted amnesty to around 800,000 undocumented migrants in 2005. The country currently has a high number of legal workers, including immigrants, with recent data showing that foreigners make up 18.1% of the population.
OTHER
Bangladesh Cabinet approves compulsory insurance for vehicle owners
The Bangladeshi Cabinet has approved a draft law that would make insurance compulsory for all registered vehicle owners. The draft Road Transport Amendment Act 2024 stipulates that if a vehicle is not insured, the owner will have to pay a fine of up to BDT3,000 ($27.38) for each vehicle. Bangladesh Road Transport Authority (BRTA) said insurance will be mandatory for all types of vehicles after the law is passed by Parliament. The total number of registered vehicles in Bangladesh is around 6m, 90% of which have no insurance. The remaining 10% have commercial or new vehicle first-party insurance. As the proposed Road Transport Amendment Act 2024, when passed, will make motor insurance mandatory, the insurance industry has started to design new motor insurance policies. Bangladesh Insurance Association president Sheikh Kabir Hossain said that the association will work with IDRA on the new form of motor insurance.
 


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