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21st May 2024
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THE HOT STORY
India needs to create 115 million jobs by 2030
India needs to create 115 million jobs by 2030 to accommodate the country's growing workforce, according to a study by Trinh Nguyen, a senior economist at Natixis. The country will need to generate 16.5 million jobs annually, with 10.4 million of them being from the formal sector. India's economy, although expected to grow over 7% this year, still struggles to create enough jobs for its population of 1.4 billion. The high youth unemployment rate poses a challenge for Prime Minister Narendra Modi. Despite generating 112 million jobs in the last decade, only 10% of them are formal. The study suggests that India should focus on boosting its manufacturing sector to attract firms and countries that are looking to diversify from China. “The incoming administration needs to jump on the manufacturing train and capitalise on demographic and geopolitical tailwinds,” Nguyen wrote. “Even if the road forward is challenging, it is never too late to walk down the right path.”
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LEGAL
Korea's star dog trainer faces allegations of workplace bullying and harassment
Star dog trainer Kang Hyung-wook and his dog training business Bodeum Company are facing criticism for allegedly mistreating employees, reports Korea Times. Several former employees have accused Kang and his wife, who serves as the company executive, of workplace abuse, including surveillance of work messages, violent language, and gaslighting. The company's rating on Job Planet is 1.8 out of 5, with numerous complaints about management practices. An anonymous former employee accused Kang of verbal abuse, while another claimed to have been paid a meagre amount for their final salary. Kang's YouTube channel and social media platforms have also been flooded with negative comments from former employees. The controversy has led to the cancellation of Kang's TV program "Dog is Great." Kang and Bodeum Company have not issued any statements regarding the allegations.
HEALTH & WELLBEING
JPMorgan Chase executives stress the importance of employee health
Top executives at JPMorgan Chase have emphasized the importance of employee health in response to a question about intense working conditions precipitated by the death of Leo Lukenas III, a junior banker at Bank of America, earlier this month. "Nothing . . . is more important than the health and well being of our employees, and we're aware of those stories and they are tragic and incredibly sad," Jennifer Piepszak, Co-CEO of the commercial and investment bank at JPMorgan, told investors.
Special Report – Wellbeing
Several FT reports on wellbeing consider issues including employers re-examining wellbeing strategies and being urged to look beyond perks to support staff, and workers feeling the burden of financial insecurity.
WORKFORCE
Top Japanese companies agree to hefty wage increases
Top Japanese companies have agreed to wage increases of an average 5.58% at annual labour talks, marking the heftiest pay hike in 33 years. The rising wages reflect Japan's chronic labour shortages and efforts to help employees tackle rising consumer prices. The annual pay negotiations, which are called "shunto" or "spring labour offensive," are a defining feature of Japanese business. Relations between labour and management tend to be more collaborative in Japan than in some other countries.
RETENTION
Indian companies are worried about losing key employees
Talent retention is a major concern for companies in India as they fear losing key employees. To address this, firms are promoting in-house candidates and offering them career mobility to secure their loyalty.  Some companies report that up to 70% of vacancies are now being filled internally. However, there is a risk that these in-house candidates may not be suitable for the job.
STRATEGY
Telstra to cut 2,800 jobs in effort to simplify operations
Australian telecom firm Telstra plans to reduce its workforce by up to 2,800 jobs by the end of the year in order to simplify operations and improve productivity. The company expects to incur restructuring costs of A$200m to A$250m in fiscal years 2024 and 2025. Telstra will also streamline its product portfolio and reduce network applications and services in the market by close to two-thirds. Additionally, it will move its Global Business Services function into other parts of the business. Telstra reaffirmed its earnings forecast for 2024 and expects underlying earnings before interest, taxes, depreciation, and amortisation for 2025 to be between A$8.4bn and $8.7bn. "We have identified a number of actions under the review, which include streamlining our product portfolio and reducing network applications and services products in market by close to two-thirds," said Telstra.
Tesla workers fear layoffs as job cuts continue
Tesla workers are living in fear of ongoing job cuts as CEO Elon Musk plans to slash at least 10% of the company's workforce. The rolling job cuts are expected to continue through at least June, causing anxiety and uncertainty among employees. Many fear the financial impact and struggle to provide for their families. The layoffs have already hit various departments, including sales and human resources. Tesla's workforce has undergone significant transformation in recent years, with the company shifting its focus to other ventures such as artificial intelligence and robots. The atmosphere within the company is described as tense, with employees comparing it to the TV series Squid Game. The Supercharger division has been particularly affected, with layoffs leaving gaps in personnel and potentially impacting the maintenance of charging stations. 
TECHNOLOGY
AI could break cycle of low productivity growth
The use of artificial intelligence (AI) in certain industries is leading to a significant increase in productivity, according to a report by PwC. The report states that productivity in professional and financial services, as well as in information technology, grew by 4.3% between 2018 and 2022, compared to gains of 0.9% in other sectors such as construction, manufacturing, retail, food, and transport. PwC suggests that the rise of AI could help break the cycle of low productivity growth, leading to economic growth, higher wages, and improved living standards. PwC said that in the UK, one of the 15 countries covered by the report, job postings that require AI skills were growing 3.6 times faster relative to all job listings. On average, UK employers were willing to pay a 14% wage premium for jobs that require AI skills, with the legal and information technology sectors experiencing the highest premiums.
Scarlett Johansson accuses OpenAI of creating voice similar to hers
Scarlett Johansson has accused OpenAI of creating a voice for the ChatGPT system that sounded similar to hers after she declined to voice the chatbot herself. OpenAI CEO Sam Altman denies the voice is an imitation of Johansson's and says it belongs to a different actress. Johansson expressed shock and anger at the similarity between her voice and the voice of the chatbot named 'Sky.' She mentioned that Altman had approached her to provide a ChatGPT voice, an offer she said she declined. OpenAI recently launched GPT-4o, an AI system with realistic audio capabilities for more lifelike conversations.
INTERNATIONAL
Unemployed Britons to be directed towards 'skills bootcamps' to address labour market gaps
Unemployed Britons will be directed towards "skills bootcamps" to address labour market gaps caused by the departure of overseas workers, according to the UK's work and pensions secretary. The UK government plans to focus on training unemployed individuals in sectors most affected by labour shortages resulting from new migration rules. The new measures aim to reduce the number of people entering Britain by 300,000. The government says its goal is to build a new economic model based on British talent. Unemployed individuals will receive training in key sectors facing shortages, such as hospitality, care, construction, and manufacturing. The government will also establish a taskforce to develop recruitment initiatives for industries with major shortages. However, the Labour Party dismissed the proposals as insufficient to address the scale of the problem. Shadow work and pensions secretary Alison McGovern criticised the government for neglecting the skills and training system. Liberal Democrat work and pensions spokeswoman Wendy Chamberlain highlighted the need to address the healthcare crisis to support economic recovery.
More than a third of Italian teenagers want to emigrate, survey finds
More than a third of Italian teenagers want to emigrate when they are older, according to a survey by national statistics institute Istat. The survey also found that young people in Italy have become more anxious about the future. Among a sample of people aged 11 to 19, about 34% want to move abroad when they grow up, versus 45% who want to stay in Italy and 21% who are undecided. The top destination for wannabe emigrants was the United States, selected by 32% of those who said they wished to leave Italy. To counter the decline in human capital triggered by the country's falling birth rate and the desire to emigrate, Istat said Italy should offer young people "adequate life opportunities." However, data from the Organization for Economic Co-operation and Development (OECD) shows that real wages in Italy have grown by only 1% over the past 30 years, compared to an average increase of 32.5% in the OECD area.
OTHER
British universities may be forced to cut ties with states threatening free speech
Guidance from the UK's Office for Students could force British universities to terminate scholarships and other partnerships with states that are deemed to pose a threat to free speech. The new regulations aim to address concerns over Chinese operatives using British campuses for surveillance and suppression of dissent. The draft guidance includes scenarios where UK universities may have to terminate or amend scholarship agreements and partnerships that undermine free speech and academic freedom. Campaigners hope that these measures will curtail Chinese interference in UK universities and protect students and academics from intimidation and harassment.
 


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