Retail News CRM

Tag: employment

  • AI Revolution in Singapore’s Fintech Sector Fuels Shift in Employment Strategies: A Deep Dive into the 2025 Talent Report

    AI Revolution in Singapore’s Fintech Sector Fuels Shift in Employment Strategies: A Deep Dive into the 2025 Talent Report

    Singapore’s financial technology (fintech) industry is advancing into a new phase of sophistication. This phase is characterized by the embracement of artificial intelligence (AI), the introduction of stricter regulations, and an increasing focus on regional expansion. Consequently, industry players are radically reassessing their strategies for talent acquisition, development, and retention in response to a surge in AI-related roles.

    Emerging Trends

    There has been a marked 40% year-on-year increase in the demand for AI-related roles. As a result, fintech companies are ramping up their hiring of AI engineers, data scientists, and MLOps specialists. However, technical competence, while important, is not the sole criterion in the selection process. Employers are now placing greater emphasis on soft skills.

    A study conducted by the Singapore Fintech Association (SFA) and Page Executive indicates this shift in hiring preferences. The study revealed that 92% of employers rank communication and teamwork as the most crucial factors for success, ranking higher than academic qualifications. Moreover, 85% of employers consider adaptability and learning agility as vital in an AI-driven work environment.

    Upskilling Trends

    Despite a significant majority (90%) of job applicants possessing at least a bachelor’s degree, there is a growing trend towards continuous professional development in the sector.

    Approximately one quarter of professionals are enrolled in online courses, particularly in AI, data analytics, and advanced Excel. This trend reflects a deeper commitment to upskilling in order to remain competitive.

    Evolving Workforce Models

    Singapore continues to serve as the mainstay of Asia’s fintech ecosystem, hosting about a third of all fintech teams within the region. Nevertheless, as companies scale across the ASEAN market, they are adopting more integrated onshore-offshore operating models.

    While 71% of fintech companies still prioritize local hiring for strategic functions including compliance, enterprise sales, and regulatory roles, regional expansion is leading to more geographically dispersed workforce structures. As we look ahead to 2026, 32% of organizations plan to boost their workforce, and 21% anticipate an expansion in contract and freelance roles. Additionally, 22% are investing in upskilling and reskilling initiatives to address emerging skills gaps.

    Pay and Rewards

    The report underscores a growing gap in expectations surrounding remuneration. While 67% of fintech professionals regard salary as the primary reason for job changes, 70% of employers predict that cost optimization and budget constraints will influence hiring strategies in the coming year.

    AI, cloud, and compliance specialists are enjoying salary premiums of between 20 and 35 percent. This has led companies to increase their investment in training. Over 70% of companies are financing certifications and structured learning programs, with more than half viewing professional development as an essential tool for employee retention.

    Strategies for Fintech Employers

    The report provides four key recommendations for organizations:

    1. Adopt a skills-first hiring approach that balances adaptability with technical depth.
    2. Enhance the employee value proposition by achieving a balance between remuneration, purpose, career progression, and flexibility.
    3. Develop leadership pipelines and prioritize critical roles.
    4. Invest in training and mentorship programs to create a future-ready workforce.

    Questions & Answers

    What skills are increasingly in demand in the fintech sector?
    Demand for AI-related roles like AI engineers, data scientists, and MLOps specialists has climbed by 40 percent year-on-year. However, alongside technical skills, employers are also valuing soft skills like communication, teamwork, adaptability, and learning agility.

    What trends are emerging in terms of upskilling in the fintech sector?
    Almost 25% of professionals are enrolled in online programs, focusing on AI, data analytics and advanced Excel. This reflects a growing commitment to continuous learning and upskilling in the sector.

    What is the future outlook for hiring in the fintech sector?
    Looking ahead to 2026, 32% of organizations plan to increase their workforce. Another 21% expect to expand contract and freelance roles, while 22% are investing in upskilling and reskilling initiatives to bridge emerging skills gaps.

  • Amazon Australia Expands Workforce: 600 Seasonal Jobs for Mid-Year Sales

    Amazon Australia Expands Workforce: 600 Seasonal Jobs for Mid-Year Sales

    As the mid-year sales season approaches, Amazon Australia plans to hire 600 seasonal workers across its fulfillment centers and logistics sites. This recruitment drive is aimed at enhancing operations in anticipation of the highly-anticipated Prime Day event in July.

    Roles Focused on Order Fulfillment

    The seasonal positions will predominantly involve picking and packing orders to ensure that customer demand is met efficiently. With a significant increase in online shopping, particularly leading up to Prime Day, these new hires will play a crucial role in maintaining the swift, free delivery services that Prime members expect.

    Competitive Pay and Opportunities for Growth

    “These roles offer competitive pay, a safe and inclusive work environment, and the chance to build valuable skills in a fast-paced, technology-driven workplace,” stated Jacqui Marker, HR Director of Operations at Amazon Australia.

    In addition to attractive compensation, these seasonal positions have the potential to transition into permanent roles. Employees may enjoy benefits such as life insurance, income protection, and subsidized private health coverage for their families, making these opportunities appealing for those seeking long-term employment in retail.

    Prime Day: What to Expect

    Prime Day promises exclusive discounts on a vast array of products, spanning everyday essentials to the latest electronics and home goods. The event has become a cornerstone of Amazon’s retail strategy, drawing in millions of eager shoppers.

    Amazon’s proactive approach to staffing with these seasonal roles reflects broader consumer trends in the retail sector. As more shoppers turn to online platforms, companies like Amazon are investing in their workforce to enhance customer satisfaction and operational efficiency. This wave of hiring not only underscores the booming e-commerce market but also has the potential to positively impact local economies by providing job opportunities and fostering growth within the retail landscape.

  • Job cuts continue in embattled property sector

    Job cuts continue in embattled property sector

    The mass layoffs that began last year amid a market decline continue in the struggling property sector, with major developers and brokerages downsizing their sales teams to survive.

    Property developer Dat Xanh Group laid off 1,384 people in the first quarter after letting go 3,191 in the previous one.

    Its brokerage subsidiary, Dat Xanh Services, sacked 1,245 employees last quarter after letting go 3,000 in the final quarter of 2022.

    The company expects more cuts in the remaining months of this year amid the continuing market slump.

    Giant developer Novaland has been downsizing since last year and only had 1,362 employees on its payrolls at the end of March, a stark contrast to 2021 when it sought to hire 2,000 new workers.

    It posted its first quarterly loss — of VND410 billion (US$17.45 million) — since listing its shares on the stock market in 2016, while revenues fell by 70% year-on-year.

    Many brokerages partnering with Novaland have either cut 70-80% of their payroll or closed down as of May.

    Other developers such as Danh Khoi, Hung Thinh, An Gia, Thu Duc House, Hoang Quan, Phat Dat, and LDG have also been laying off staff.

    The marketing head of a Ho Chi Minh City brokerage said since March he has been doing multiple jobs, including as a secretary and customer service officer, after 80% of the staff were sacked.

    The company has been owing salaries since the beginning of this year, which means people are likely quit in the coming months, he said.

    “I have been working in the industry for 18 years, but never seen a layoff wave this big.”

    Data from the Vietnam Association of Realtors shows that 40-50% of property transaction platforms shut down in the first quarter, and the number of brokers was 70% down since the beginning of 2022.

    What property firms are struggling with most are the drying up of cash flows due to plunging sales and inability to repay debts.

    Companies in the construction, architecture and design segments are also struggling, according to the association.

    The number of companies in the property sector registering in the first quarter fell by 63% year-on-year, according to the General Statistics Office.

    The number shutting down temporarily was up 60.7% at 1,816, while 341 closed for good, a 30.2% increase.

    Tran Xuan Ngoc, CEO of developer Nam Long Group, said 2023 would be a challenging year for the sector with the difficulties being even more severe than during the 2013 crisis.

    They would persist in 2024, he said.

    “This is a severe and inevitable crisis. Property companies must restructure completely to survive.”

    Nguyen Mac Hoai Nam, CEO of property consultancy Nam Phat, said the 2016-20 boom caused prices go out of control, and the challenges mushrooming now are a result of that.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Volvo Cars Could Cut Several Hundred Jobs

    Volvo Cars Could Cut Several Hundred Jobs

    Swedish carmaker Volvo, which is owned by China’s Geely, is cutting several hundred jobs, Swedish radio reported on Friday citing sources.The carmaker, whose number of employees has more than doubled over the past decade to about 43,000, confirmed it was reviewing staff and other costs to ensure its business had the “right skills”.

    “As a growing company, Volvo Cars is constantly reviewing its cost base. This becomes even more important in light of the headwinds the industry is facing and Volvo Cars are now increasing its focus on costs related to staffing and bought services,” the company said in an emailed statement.

    The jobs primarily affected were those of consultants and staff involved in factory production will not be affected, a Volvo spokesman said. He declined to specify the number of job cuts and savings expected from the layoffs. Volvo’s fortunes have come under renewed threat with the car sector facing one of its most challenging periods due to trade conflicts, hefty bills to develop electric and driverless cars, and an overall downturn in the industry.

    The company, which has put its listing plans on ice due to the tariff wars and auto stock downturn, has reported lower first-quarter profit and warned that margins will remain under pressure this year.

  • Hiring persons with disabilities in India’s retail sector up by 53 percent

    Hiring persons with disabilities in India’s retail sector up by 53 percent

    Only 36 per cent of disabled persons in India are employed, of which 90 per cent are in the unorganized sector, said a new report by Trust for Retailers & Retail Associates of India (TRRAIN) here on Wednesday. The report – ‘Disability Employment: Indian Retail Changing Equations’ – said that as per Census 2011, the number of persons with disabilities was 2.21 per cent, or 26.8 million of the total population.

    However, the actual number in India could be between 5-10 percent, belying the Census figures, said TRRAIN.

    Around 50 per cent of the disabled population in the country was in the employable age of 20-59 years but jobs remain a problem for them as nearly 46 per cent are illiterate.

    Though 36 per cent are employed, almost 90 per cent have jobs only in the unorganized sector. And mainstreaming them could add around 5-7 to the country’s GDP, the report said.

    It noted that hiring persons with disabilities in the retail sector had gone up by 53 per cent between 2011 and 2018, but there was more scope to employ and mainstream them as there existed a positive correlation between customers and stores manned by the disabled.

    The report said that with 80 per cent jobs in retail ‘customer-facing’, employing the disabled PwDs serves the dual purpose of providing employment and sensitising the society at large about the challenges encountered by the disabled.

    The report was released at the 3rd Retail Inclusion Summit held here by TRRAIN founder B.S. Nagesh in the presence of big names from the retail industry.

    TRRAIN also runs an initiative ‘Pankh’ that trains and prepares disabled persons for employment opportunities in the retail sector.

    Lees ook:

  • Japan offers most overseas jobs for Vietnamese workers

    Japan offers most overseas jobs for Vietnamese workers

    Japan is expected to receive more Vietnamese workers this year, having become the most attractive labor export market in 2018. Last year marked the first time Japan became the most popular destination for Vietnamese migrant workers with over 68,700 people finding jobs there, beating Taiwan with nearly 60,400 people and South Korea with over 6,500, according to statistics released by the Department of Overseas Labor.

    The department’s deputy director, Nguyen Gia Liem, said the Japanese market’s rise in popularity was due to the implementation of a new law that allows migrant workers to stay for five years instead of three.

    Furthermore, Vietnam was the first country to sign with Japan a memorandum of cooperation on the latter’s technical intern training program, which came into effect last June.

    In 2018, a total of 13 Vietnamese businesses were also licensed to directly bring Vietnamese citizens to Japan to work as caregivers. The long language and skill training required, however, limited the number of Vietnamese citizens taking this route last year.

    However, Liem asserted: “These establishments would help increase even further the number of Vietnamese laborers going to Japan.”

    Deputy Minister of Labor, Invalids and Social Affairs, Doan Mau Diep, has said the ministry will reduce the number of labor export firms. The move follows last October’s request by Japan’s Prime Minister Shinzo Abe that Vietnam shut down bad labor export agencies and reduce costs for people wanting to work abroad.

    “The country currently has 2,000 companies taking workers overseas, which is too many, causing companies to compete with each other for contracts, and they collect high fees,” Diep said.

    The ministry would also review current regulations on overseas students to prevent this system from being abused as many Vietnamese citizens wanting to work in Japan have been using student visas in recent years to reduce cost and time spent on language and skills training.

    Last year, Japanese authorities already reviewed and suspended multiple companies for taking Vietnamese workers to Japan under the guise of international students.

    Diep also warned that citizens wanting to work overseas need to use legal labor export firms and not use tourist visas, as happened in the recent infamous case in Taiwan.

    “If going on a worker’s visa the fees can be expensive, such as about VND80 million [$3,400] for Taiwan. The travel route meanwhile only costs flight tickets and visa fees so many still choose to travel then escape to work, but they will face many risks,” he said.

    A Vietnamese migrant worker can make $1,000 to $1,200 a month in Japan and South Korea, four times the average monthly salary in Vietnam, which was VND6.5 million ($290) last year.

    A total of over 142,800 Vietnamese laborers went to work overseas in 2018, a six percent increase compared to the previous year.

    With this number, which includes about 50,300 female workers, 2018 became the fifth consecutive year in which the number of Vietnamese working overseas exceeded 100,000 people.

    Lees ook:

    Lees ook:

    Lees ook:

  • Average New Year bonuses in HCMC up 30 pct

    Average New Year bonuses in HCMC up 30 pct

    Average New Year bonus given by HCMC firms to an employee is VND3.4 million ($146), 30 percent higher than in 2018. For the 2019 Roman Calendar New Year, bonuses have been significantly higher than in 2018, Le Minh Tan, director of the HCMC Department of Labor, Invalids and Social Affairs said, citing a survey. The survey covered nearly 2,000 enterprises and 415,000 workers.

    On average, bonuses given by foreign invested enterprises for the New Year was VND9.4 million ($403.65), 70 percent higher than the last, the survey found.

    For this Roman Calendar New Year, the highest bonus was VND500 million ($21,470), given by a foreign-invested enterprise.

    For Lunar New Year (Tet), which falls in February, the highest reported bonus was VND1.17 billion ($50,343), coming from a bank headquartered in HCMC.

    The average reward for Tet offered by enterprises surveyed is over VND10 million ($430.78) per person. Only four respondent businesses reported facing difficulties and not giving Tet bonuses for employees.

    There are still some enterprises that have not announced Tet bonuses for workers, waiting for business results. These firms plan to announce their bonuses by mid-January.

    Last Tet, the highest Tet bonus in HCMC was VND855 million ($36,718), given by an unidentified private enterprise.

    Lees ook:

  • Online hiring in Malaysia fell 8% in Q3

    Online hiring in Malaysia fell 8% in Q3

    Online hiring activity in Malaysia fell by 8% in the third quarter, falling behind the performance from one year ago by 14%, according to the third quarterly Monster Employment Index (MEI) report. It said online recruitment in the country could not sustain the strong performance of the previous quarter, continuing a negative trajectory.

    The report highlighted that Malaysia has still not recovered its economic position, despite a stronger performance in the previous quarter.

    This Southeast Asia Q3 Online Recruitment Trends Report by Monster.com examines the hiring trends and performance of online recruitment, and offers a comprehensive overview of major industries across Malaysia, Singapore, the Philippines.

    It said top three job roles among occupations hiring freelancers online in Malaysia are sales & business development (16%), marketing & communications (8%), software, hardware, telcom (5%).

    Among occupations, hospitality and travel recorded the strongest quarterly growth with 2%, while engineering and real estate soared 13% in a quarterly comparison.

    The IT, telecom/internet service provider (ISP) and business process outsourcing (BPO)/IT enabled services (ITES) sector exhibited the strongest performance among industries throughout July, August and September in a year-on-year comparison, while the logistics and BFSI industries registered the weakest performance for the same period.

    While general online hiring has been slowing in Malaysia in the third quarter, the IT, telecom/ISP and BPO/ITES sector recorded a 5% growth in the three-month period.

    With Penang becoming an increasingly attractive hub for tech companies in Malaysia, the IT, telecom/ISP and BPO/ITES sector resumes the path that was set in the second quarter. In a year-on-year comparison, the sector even registered double-digit growth with 11%, 11% and 12% respectively – indicating a resilient industry despite political concerns.

    This edition of the quarterly MEI took a closer look at the freelance economy and its online hiring demand across industries in Southeast Asia. With job scopes continuing to shift due to technological innovations, it is up to human resources leaders to define the way freelancers, part-timers and full- time staff collaborate and share their workload.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Swiggy to engage 2,000 women for food delivery

    Leading food ordering and delivery start-up Swiggy on Tuesday said it would engage about 2,000 women as delivery personnel by March 2019. “About 2,000 women will join our delivery team by March next year. Over the last few months, we have been working on training women for opportunities in this growing food delivery sector,” the city-based online food delivery platform said in a statement here.

    By deploying more women as delivery personnel across the country, the company said it aimed to create an inclusive workforce.

    The company engages around a lakh personnel daily to deliver food across 45 Indian cities it operates in.

    Currently, about 60 women are tied up with Swiggy across 10 cities, including Ahmedabad, Kochi, Kolkata, Mumbai, Nagpur and Pune, to deliver food.

    World over, the employment of women as delivery personnel has been meagre.

    “We are creating a women-friendly work environment with a dedicated helpline for any concern, as well as appointing more women in managerial roles,” the company said.

    Swiggy is identifying ‘safe zones’ for women delivery personnel to operate in and will allow them to complete their deliveries by 6 p.m., it added.

    “Since inception, we have seen the potential in investing in logistical prowess, which has helped us in having end-to-end control over the food delivery experience,” Sachin Kotangale, Vice President (Operations), Swiggy said in the statement.

    Set up in 2014, the food delivery platform claims to receive about 20 million orders a month across 45,000 restaurants in 45 cities, including New Delhi, Hyderabad, Mumbai, Bengaluru, Chennai, Kolkata, Gurugram and Pune.

    It raised US$ 210 million (around Rs 1,500 crore) from multiple investment firms, and has so far raised over US$ 460 million (around Rs 3,350 crore).

    The company, which has over 4,000 employees, reported an operating revenue of Rs 442-crore for the fiscal 2017-18.

    Lees ook:

    Lees ook:

  • Vietnam’s Ha Long casino continues to lose staff on poor business performance

    Vietnam’s Ha Long casino continues to lose staff on poor business performance

    Ha Long’s only casino continues to lose employees due to a number of reasons, including its persistent losses. Hoang Gia Joint Stock Corporation (RIC) in Ha Long, Vietnam’s resort city, which runs the Casino Gaming Club, said the number of employees has fallen by 275 now compared to the beginning of the year.

    It has less than 1,200 employees remaining. Last year 514 had quit.

    The main reasons, the company admitted, are the casino’s poor business and competitors’ talent attraction policies.

    Revenues increased by 23 percent in the first nine months of this year to VND187 billion ($8 million), but it lost VND14 billion ($597,555).

    Another problem for the casino is the sluggish progress of transport infrastructure works in the region, such as Van Don airport and the Ha Noi – Ha Long Highway, which prevents more foreign tourists, mainly from China, Japan and South Korea, from coming here.

    The company targets revenue and profit after tax this year of $15.9 million and $1.5 million. Casino operations are expected to account for around 63 percent of the revenue with the rest generated by hotels and villas the company owns.

    The owner of the company is Khai Tiep International Investment Limited, registered in the Cayman Islands.

    Lees ook:

    Lees ook:

    Lees ook:

  • Lotte pledges 50 trillion won investment

    Lotte pledges 50 trillion won investment

    Lotte Group announced Tuesday a major investment plan to spend 50 trillion won ($43.9 billion) and hire 70,000 workers over the next five years. “The plan comes in order to normalize management activities, obtain a competitive edge for future growth and contribute to vitalizing the local economy,” Lotte said in a statement.

    The announcement comes on the heels of similar plans announced by other conglomerates like LG, Shinsegae and Samsung. Lotte couldn’t join that wave because Chairman Shin Dong-bin was sentenced to 30 months in prison last February for bribing former President Park Geun-hye. On Oct. 5, the Seoul High Court replaced the prison sentence with four years of probation, and Shin returned to work three days later.

    Lotte announced an investment plan of 40 trillion won in 2016. But most of the investments couldn’t be executed after the group was badly affected by the deployment of a U.S. antimissile system in Korea in 2017 on a golf course formerly owned by the group and a Chinese boycott against Lotte that followed. Shin’s imprisonment earlier this year also got in the way.

    Execution of the 50-trillion-won plan will start next year. A 12 trillion won budget is planned for 2019, a record for the conglomerate.

    The two sectors that will receive the greatest attention are chemicals and retail. Some 40 percent of the investments will be in chemicals and 25 percent in retail. Lotte grew to its current size thanks to food and retail, but in recent years, the company has been active in developing the chemical business.

    For chemicals, investments will focus on expanding local and overseas manufacturing facilities. The group currently has factories in three locations in Korea, which Lotte said will be expanded.

    Investments in overseas facilities will also be made to expand the company’s businesses abroad. Lotte Chemical has a $4-billion project in Indonesia that was put on hold when Shin was jailed. A source at Lotte said, with Shin back in the saddle, resuming the project won’t take long.

    The main goal for investments in retail is improving the infrastructure for e-commerce. Lotte said in a statement it plans to establish logistics and computing infrastructure to offer a more convenient experience for shoppers online and off.

    Tech development and enhancing the level of digitalization is a long-term goal across the conglomerate’s affiliates. For example, Lotte wants to apply tech to its food business: Artificial intelligence technology is underway to be used for trend analysis and to suggest new products.

    Indonesia and Vietnam will be two foreign markets Lotte’s affiliates will focus on. The company once had a huge footprint in China, but Beijing unofficially retaliated against Lotte after the deployment of the antimissile system in Korea. The company added in the statement that it would continue discovering new markets.

    The goal for new jobs in 2019 is 13,000, which is 10 percent higher than what Lotte plans to hire this year. Many hires will be in the e-commerce sector.

    Lees ook:

    Lees ook:

  • Korea’s Income gap widened again in 2nd quarter

    Korea’s Income gap widened again in 2nd quarter

    The income gap in Korea widened again in the second quarter, a serious blow to the so-called income-led growth policy of the Moon Jae-in government, which vowed to narrow the inequality in earnings between the rich and poor.

    According to data released by Statistics Korea on Thursday, earnings for households in the first quintile of income brackets, the bottom 20 percent of the population, retreated 7.6 percent in the second quarter compared to a year earlier.

    Households in the second and third quintile also saw their incomes fall by 2.1 and 0.1 percent – whereas the rich folk kept getting richer.

    The average income for people in the fourth quintile went up by 4.9 percent and for the fifth quintile by 10.3 percent.

    A similar trend was spotted from January to March this year, when people in the first and second quintile experienced 8.0 and 4.0 percent drops in their incomes while people in the fourth and fifth quintiles saw gains of 3.9 and 9.3 percent compared to the previous year.

    The total distribution ratio for disposable income – a barometer of earnings equality – was 5.23, which means the earnings of those in the fifth quintile were 5.23 times higher than those in the first quintile.

    That figure indicates that the Korean economy is facing the worst level of income inequality since 2008 when the ratio for the period of April to June came to 5.24.

    Officials from the Finance Ministry blamed the aging of Korea’s society and other long-term problems such as ongoing slumps in certain sectors like shipbuilding.

    “The Korean economy is suffering from a lack of domestic demand [for goods and services], a result of massive restructuring we have seen in the manufacturing sector since 2015,” said Park Sang-young, a director at Statistics Korea. “It seems like this situation is taking a toll on those in the first quintile of the income group.” Statistics Korea is run by the Finance Ministry.

    The statistics agency explained that the number of employed in households in the first quintile has shrunk from 0.83 per household last year to 0.68 per household this year, an 18 percent fall.

    For households in the fifth quintile, on the other hand, the number of workers rose from 1.99 per household last year to 2.09 this year, a five percent increase.

    But the data released on Thursday coupled with a jobs report from last week – which showed only 5,000 jobs being added to the economy in July – has deeply troubled some analysts.

    Some economists are blaming the Moon administration’s relentless push to raise the minimum wage for the worsening situation.

    For the Moon government, the minimum wage hike is a key pillar of its “income-led growth” policy.

    Its logic is that by pushing up the minimum wage, workers in the first and second quintiles would see their income go up, which was supposed to make workers wealthier, willing to spend more and meant to translate into greater hiring by businesses.

    But the effect has been much less hiring of workers than in the past, particularly in minimum wage jobs, and a measurable widening of the income gap.

    “The drastic hike in the minimum wage has little impact on those in the upper group of the income bracket,” said Yun Chang-hyun, a professor of business at the University of Seoul. “But for those in a more vulnerable position, it robs them of their jobs.”

    Despite such concerns by some analysts, the Korean government is adamant about its policies.

    Kim Dong-yeon, Korea’s finance minister and deputy prime minister for the economy, said on Thursday during a budget meeting at the National Assembly that the government will propose a budget plan next year that contains “the biggest budget allocated for jobs in history.”

    Lees ook:

    Lees ook:

  • Samsung’s flexible working hours get more malleable

    Samsung’s flexible working hours get more malleable

    Samsung Electronics announced plans to revamp its flexible working hours on Tuesday in preparation for the 52-hour work week that will be legally enforced from July.

    The Korean electronics giant plans to allow employees to decide their own working hours on a daily basis, as long as they work for at least four hours a day. Employees need to work an average of 40 hours a week on a monthly basis. The new system will come into effect from July.

    Under the new arrangement, an employee can work 50 hours in a busy week and then 20 hours in a quieter week during the same month. As long as the hours worked in the rest of the month add up to average 40 hours a week, the employee is free to balance their work as they please.

    This offers more flexibility for workers than the company’s current system, which allows employees to begin work anytime between 6 a.m. and 6 p.m. as long as they work at least four hours a day and 40 hours a week. Samsung started the current flextime program in 2012.

    The Moon Jae-in administration revised the labor law to reduce weekly working hours from 68 to 52, or 40 hours a week with up to 12 hours of paid overtime. Companies with 300 or more employees are subject to the new regulations from July.

    Samsung will also adopt a discretionary system for workers that struggle with tight schedules due to the nature of their work, such as developing new products and technology.

    Under the discretionary system, employees working on high-intensity projects will determine with their managers roughly how many hours a week the work should take. While the project is ongoing, workers will then have complete autonomy, with no checks or limits on how often or how much they’re working provided the task gets done, and will be paid for the number of hours agreed at the start of the project.

    “If an employer and employee agree on a 50-hour workweek for a certain period of time, the company gives a wage based on the contract regardless of whether the employee worked that much or not,” said a spokesperson from the electronics giant. “This kind of system is only applicable for certain tasks that require worker autonomy, like developing new products.”

    The new flextime arrangements will apply to researchers and office workers at Samsung Electronics.

    For manufacturing workers, Samsung plans to adopt a different flextime option that allows for periods when demand is especially high for specific products.

    Factory workers will be able to coordinate their working hours so they meet an average 40-hour workweek over a three-month basis. This way a team of assembly line workers can work longer hours for the first 10 weeks, for instance, and then reduce their workload in the remaining two weeks.

    Samsung affiliates are likely to announce similar schemes in coming weeks.

  • Korea’s minimum wage divides Moon’s top economists

    Korea’s minimum wage divides Moon’s top economists

    Two of the Moon Jae-in administration’s top economic officials are at odds over the minimum wage increase’s impact on hiring, raising concerns among experts about the government’s future policy direction.

    “I think the minimum wage increase must have had an impact on hiring and salary,” said Kim Dong-yeon, the country’s minister of strategy and finance, in a committee meeting at the National Assembly on Wednesday. This was an about-face from his stance a month ago, when he said it was difficult to attribute stagnant new hiring to the minimum wage hike.

    “[The past few months] has not been enough time for research institutes to find any meaningful evidence on the impact of the minimum wage increase, but based on my experience and intuition, [I think] it has had an impact,” Kim said.

    Kim earlier argued that it was the ongoing restructuring of Korea’s automotive and shipbuilding sectors that slowed down employment growth.

    Kim’s remark on Wednesday came after a report released on the same day that showed a decrease in the number of new jobs created.

    According to data from Statistics Korea, the number of people who got new jobs in the wholesale, retail, accommodations and food category of the service sector, which is highly sensitive to changes in the minimum wage, fell by 88,000 compared to a year before, which is a drop of about 1.5 percent. New hires in the category have been on the decline since December last year, a month before the minimum wage increase went into effect. Total number of jobs lost in the category since then is about 447,000.

    “Kim is an applied economics expert and is well aware of the relations between the rise in minimum wage and the fall in employment, which is why he finally acknowledged its impact,” said Pyo Hak-gil, an economics professor at Seoul National University.

    But the Blue House’s top economic official doesn’t agree with the finance minister.

    “There was no fall in employment due to the minimum wage increase,” said economist Jang Ha-sung, President Moon’s chief of staff for policy, in a high-level meeting in Seoul on Tuesday. “There has been some controversy about the fall in employment, but based on the analysis by several research institutes using the statistics from March, there was no notable fall in hiring, excluding some food and beverage businesses.”

    Jang added that policy support for companies that could suffer from the new minimum wage was received well, and requests for government funding far exceeded initial projections.

    The differences in opinion between Kim and Jang, the country’s top two economic policymakers, have market watchers worried about the government’s future economic policy direction.

    “The perspectives and diagnosis of current economic conditions diverge within the government, which raises questions about its ability to come up with proper solutions,” said Yun Chang-hyun, a professor of economics at the University of Seoul.

    “The unemployment issue is not entirely the fault of the current administration, but it is true that some of its policies intended to expand jobs had the opposite effect,” said Nam Sung-il, professor of economics at Sogang University. “The government has to approach this issue with a more forward-looking perspective.”

  • 50,000 malaysians expected to be laid off in 2018, says report

    50,000 malaysians expected to be laid off in 2018, says report

    MORE than 50,000 employees are expected to be laid off this year as reported.

    The English daily quoted Malaysian Employers Federation executive director Shamsuddin Bardan as saying manufacturing would be the main sector affected, followed by the services (insurance, banking and retail) and construction sectors.

    He said among the challenges facing the job market were the levy imposed on employers for the hiring of foreign workers and the Employee Insurance Scheme.

    “The increase in maternity leave days, from 60 days to 90 days, as well as the possibility of paternity leave, will also be factors.”

    The report said automation would continue to be another factor for job losses as more companies turned to robotics and information technology.

    “Multinational corporations involved in labour-intensive industries are also leaving due to higher wage costs in Malaysia,” said Shamsuddin.

    “They are moving to more attractive and lower-labour-cost nations, where there are no high social costs.”

    He said Cambodia and Laos were among the countries where wages were below US$100 (RM402.59) per month, whereas in Malaysia, they were about US$250.

    Malaysian Trades Union Congress president Abdul Halim Mansor was quoted as saying that based on information from the Labour Department, between 30,000 and 50,000 people could be retrenched this year, involving those from the finance, construction and manufacturing sectors.

    Lees ook: