Employers: Approaching Hybrid Work in the New Year

It’s the beginning of a new year, and this calls for new changes in Singapore’s employment scene. Particularly, the new year calls for a new way of work, as work from home in Singapore is no longer the default from 1 Jan 2022. Singaporeans, that means to say that it’s time to pack our bags and squeeze with the morning commute once more.  

As workers are shuffling back to offices and getting used to a forgotten routine, symptoms of burnout and exhaustion may surface. This is because the introduction of remote work has benefitted many in terms of higher flexibility and autonomy. Forcing a sudden change back to the pre-pandemic office life may require some time for readjustment. Thus, it remains imperative that employers tackle these challenges addressing employees’ mental wellbeing and take measures to create a supportive work environment for their employees.  

While most of us can agree that working in offices can ensure a certain level of productivity, employers should also understand that not all employees are ready and excited to be back in offices. Not just adding on to commute hours, meeting colleagues in person and navigating social anxiety could be a challenge for some. After all, there exist numerous personal struggles that every individual will face, and it is without a doubt that neglecting mental well-being is detrimental to productivity. 

Keeping an open channel and being equipped in holding the right conversations 

Hence, on the topic of keeping a supportive work environment for employees, one way that employers can approach hybrid work in the new year is to keep an open channel of communication. Ideally, employers should spend time to check in on employees and meet each employee where they are. However, a more macro level initiative could be investing in mental wellness initiatives to highlight the importance during these uncertain times. 

In Singapore, Senior Minister of State for Health – Janil Puthucheary – mentioned that the Health Promotion Board (HPB) has seen a rising demand for training programmes that surround the topic of equipping employers and human resource managers with skills and knowledge on how to identify symptoms of common mental health conditions among their work peers and employees. This can be a good place to begin, as navigating through mental health conversations can be tricky. With more than 7 out of 10 Singaporeans indicating that they are facing more struggles with their mental health in 2021 compared to the start of the pandemic, it is high time that employers be equipped with the necessary skills to hold the right conversations with struggling employees.  

Providing online resources 

Often, struggling individuals do not always find comfort in reaching out and speaking out about their private issues. Therefore, employers should also consider providing online resources where employees can tap on to get appropriate help. Some popular options adopted by Singaporean companies today are wellness webinars, paid counselling sessions with partner mental health organizations, chatbots, and even virtual meditation sessions that help employees relax. Such dedicated platforms can signify to employees that their mental well-being is being cared for, which is important in their transition back to the office.   

Structured team events 

The lack of face-to-face interaction coupled with Zoom fatigue can cause a bumpy return to pre-pandemic office life. Employers are also encouraged to facilitate this by holding structured activities that focus on letting employees catch up over a non-work-related activity. This can be as simple as a mandatory team lunch, or even just a meeting that let employees interact with one another to ease back into socializing beyond the screens. After all, reinforcing friendship as the working culture is proven by research to create higher engagement that will result in better work productivity.  

The bottom line is that creating a workplace culture of acceptance, respect and empathy is extremely crucial. Mental wellness has never been more relevant today, and progress in recognizing the importance of workplace well-being must be made. Employers hold great responsibility in nurturing the relationships with and amongst their employees, and such investments will definitely help organizations come out of this pandemic as a stronger employer brand and a loyal talent base. 

References: 

https://www.straitstimes.com/singapore/health/trust-is-key-to-getting-employees-to-talk-about-mental-health-concerns

https://www.straitstimes.com/singapore/health/singapore-companies-opening-up-to-giving-staff-more-mental-well-being-support

https://www.straitstimes.com/singapore/health/growing-focus-on-mental-health-at-workplace-as-covid-19-pandemic-takes-toll

https://www.forbes.com/sites/forbeshumanresourcescouncil/2021/06/29/five-ways-to-help-employees-manage-return-to-office-anxiety/?sh=7be96ce17c4e

Work and Digital Privacy

The digital revolution is also known as the fourth industrial revolution, placing its impact on society on the same level as the industrial revolutions that precede it. For all the talk about technology and how it’s revolutionising the way we are living, the changes also come down to people too — “our sense of privacy, our notions of ownership, our consumption patterns, the time we devote to work and leisure, and how we develop our careers, cultivate our skills, meet people, and nurture relationships”, according to Klaus Schwab, the chairman of the World Economic Forum. Yet, in the context of work and technology and the on-going pandemic, data security at work remains an under-discussed topic, especially now that a lot of us are still working remotely. 

When it comes to caring for the employee and the company, data security should not be neglected, and is in fact a part of the employee. Opening a phishing email may result in vulnerabilities in the company’s network, depending on the work the employee is doing. With a good portion of work being moved online, attacks on cloud services that facilitate such online work present a very real threat towards the company’s business.  

Hence, within each company, there is a need to keep employees educated on the importance of data security, even more so if the company is a business that also handles confidential data from clients. Phishing emails can be sent out by the IT department as an exercise to test the alertness of the employee, and only with a successful reporting of the phishing email will the employee then pass the test. Communication should also be kept on secure, encrypted platforms, and confidential information like passwords and usernames should not be displayed in the public eye, like post-its stuck onto the screen monitor. One should also be careful about plugging thumbdrives/USB drives of unknown origins into the computer device, for it is possible for an attacker to launch their attack through such a method. Update firewalls and anti-virus programs as needed. 

The employee is also entitled to their privacy. In countries like Singapore, sensitive, personal information such as identification numbers are not allowed to be kept or passed around publicly even within the business context, and an employee is entitled to know what would be done with the information collected and where it would be headed to. 

Overall, with these technological changes happening to society, there is a need to acknowledge the importance of data security and how we treat both our personal and business information as well. This article is also written with the help from Anastasia Tohmé and Martin Worner’s book, Work Remotely, and is a must-read especially in the age of remote working. 

Remote Working & Tools

The year draws to a close again; at this point, we have come so far in this pandemic, with various rules and regulations put in place and then subsequently lifted. More importantly, the way we work has been revolutionised, with drastic changes made to past ways of working. As offices shift back and forth between hybrid-working and work from home, the importance of the tools we use are incredibly understated, which is precisely what we are going to discuss in this article today. 

Fast Internet 

Everyone hates it when their YouTube video takes a little too long to buffer. Imagine how much worse it would be when a video call constantly gets interrupted, with the screen freezing or the voice breaking up, lagging in a way reminiscent of the dreadful moans of the damned. Or, to be the poor speaker rambling on for 5 minutes straight only to realise that nobody has caught what you just said because only parts of your speech made it through. Slow internet is frustrating for everyone in the call, and only serves to reduce work productivity.  

There are various solutions for ensuring fast internet, such as finding a decent spot in the house with good access to the router, or looking into wifi extenders (if you live in a relatively big house). It might even be time to think wired, by utilising LAN cables or a desktop computer with a wired connection instead of challenging fate with fluctuating strengths of wifi signals. 

Quality Set-up

We are talking about a decent camera, microphone and headphones. Perhaps even a laptop stand for those of us still working on our laptop, elevating the screen to face level such that we can have better posture. All these would serve to improve QOL in terms of “workspace”, adding an even more “legit” feel to whatever we are doing at work. 

Video-calling Subscriptions 

If for some reason your team is still working via “free” video-call services, then this article is a sign for you to quit cheaping out, and just buy that subscription already. Services like Skype, Hangouts and Zoom, while technically “free”, add several restrictions to the type of meetings that can be held. It is false economy to use these services; reducing costs should not come at the expense of severely limiting work efficiency and reducing the quality of calls needed for work to function. The paid version of the services is paid for a good reason, as they have the quality needed for business calls and are a prerequisite for connecting remote teams. 

Messaging Apps 

It is essential for asynchronous communication. It is also all too easy for groups on messaging apps to go out of hand, or have many disorganised channels of communication. Having someone specifically in charge of managing and updating the groups would smoothen communications out much better. Differences in communication styles also means that it is important to establish clear boundaries and guidelines in online workplace conversations. Ultimately, this is still a professional space, and having some form of moderation will prove to be beneficial for everyone. 

Cloud Storage 

Having documents stored in a central online space, accessible to everyone, is much more efficient than constantly emailing each other with file attachments, especially when multiple parties need to access the same files. Programs like Sharepoint, Google Drive and many others are essential for remote workers. 

Remote Whiteboards 

Cloud-based whiteboards can cater to the needs of remote teams or enterprise teams working across several locations and time zones, allowing collaborations across space and time via digital tools.  

Expenses Management System 

There needs to be a centralised and automated place to process invoices, and also approve and manage spending of remote teams.  
 

Overall, it is important to consider the tools we are using for remote working, that is certain. I would also like to attribute parts of the article to Anastasia Tohmé and Martin Worner, for without their book Work Remotely, this article could not have been written. Beyond the points brought up here, Work Remotely provided insights into what is needed for making the most out of working remotely, including advice such as managing communication and more. This is a must-read, especially during this precarious period. 

Why global businesses should be expanding into the UK

A thriving tech sector, growing economy, and talented workforce are just a few of the reasons why the UK is a lucrative place to do business. The UK’s 2018/19 tax year saw 672, 890 startups founded in the UK, and with the nation’s ongoing growth, it really is no surprise.  

London, the UK’s diverse capital city, houses some of the world’s most significant financial establishments, and is often considered the financial hub of the world. Alongside this, the UK is the birthplace of the English language, the second most widely spoken language globally, generally considered as the primary ‘world language’ and used by businesses and nations all across the globe. 

In this article, we’re going to look at some of the key reasons why growing global businesses are continuing to look at the UK as one of their destinations of choice for global expansion, and why you should too. 

Access a large, educated talent pool 

For a small island, the UK has an astounding population of over 66 million people. With individuals spread across Engand and the devolved states of Wales, Scotland and Northern Ireland, the UK’s population is diverse and unique, and every city in the country offers something different. 

The UK is home to some of the world’s best universities including Oxford and Cambridge. As a result of this, it draws talented and educated individuals from all across the world, with these individuals ultimately becoming a part of the nation’s educated workforce. 

Ranked 5th in the world for access to growth opportunities, employers in the UK can be sure to attract the best applicants when building their teams. Global businesses expanding into the UK gain the opportunity to recruit some of the best professionals available, accelerating their business forward in the process. 

Ease of doing business 

The UK places eighth in the World Bank’s ‘Ease of Doing Business’ rankings, and with some of the lowest corporation tax rates in the G7 and plenty of government support for innovation, it’s no wonder. Entrepreneurs in the UK can often find the venture capital funding that they need when starting a company or opening an office in the UK, and the nation regularly achieves record levels of venture capital funding each year. 

To date, the United Kingdom has created 72 unicorn startups, making up around 34% of the total in Europe and Israel. 

The UK and its Government are highly tech-focused, and continuously introducing initiatives to support the tech sector’s growth. Some of the UK’s initiatives include fast-track visas to address skills gaps, and a £375m fund to invest into fast-growing UK tech start-ups. 

Flexible labour laws and trade 

The UK’s overall labour cost is lower than other similar European economies such as France, Ireland and Germany. Following Brexit, the UK’s referendum to depart from the European Union in 2016, the UK is able to move away from European standards, and implement its own more flexible labour laws to the benefit of UK-based businesses. 

Although facing some turbulence in its early implementation, the outcome of Brexit will also introduce a range of new trade agreements and opportunities for UK-based businesses. One such example is CANZUK, an ongoing trade deal between the Commonwealth nations of the UK, New Zealand, Canada, and Australia, set to introduce a wealth of new opportunities for all four nations.

Expanding into the UK 

Our UK partners, Procorre Global, are on hand to assist foreign businesses from every corner of the world to expand into the United Kingdom. Procorre Global supports businesses in every stage of their global expansion journey and ensures full support throughout. 

Reach out today to learn more. 

Changes to Singapore’s Employment Laws in Summary: 2021

It’s that time of the year again, a time for celebration and joy. Even for those non-religious, the wave of cheers with Christmas and the upcoming New Years is perhaps one of the bright spots in this on-going pandemic. And at the end of 2021, it is also important to note the general changes to employment that have occurred throughout 2021, so that we enter the next year well-prepared. 

Taxes 

The Singapore government had announced a series of extensions for various tax schemes in Singapore, in lieu of the on-going pandemic and to provide better support for businesses. Schemes such as the option to accelerate the write-off of the cost of acquiring plant and machinery (“P&M”), the carry-back relief scheme (with 2021 included in the year of assessment too), the Not-for-Profit Organisation (“NPO”) tax incentive (extended until December 2027) have all been extended, with many other changes too. Businesses should visit the IRAS website to find out more. 

Retrenchment Policies 

Coming into effect November 2021 onwards, employers in firms with more than 10 employees are required to notify the Ministry of Manpower (MoM) if any employee is retrenched. Previously, employers were only required to do so if five or more employees are entrenched within a six-month period (a retrenchment exercise). 

The employer would be given five days to notify MoM via an online platform from the day in which the notice for retrenchment is given to the employee. Employers are to pay all salaries, including unused annual leave, notice pay, etc., to their employees on their last day of work.  

This is part of COVID-19 support measures pushed out by the government, such that the government and relevant offices would be able to step in to assist the affected employee to provide employment and job search support.  

Retirement & Re-employment Age Adjustments  

The retirement and re-employment age for Singapore workers will be progressively raised to 65 and 70 respectively, up from 62 and 67 currently. This process will start from 1st July 2022, with the retirement age being raised to 63 and the re-employment age to 68. In accordance, CPF contribution rate for senior workers aged above 55 to 70 years old will also be increased by 2% starting from 1st January 2022. 

Work Permit Renewal Limits for Foreign Worker & Rebates 

For those working in the construction, marine shipyard and process (CMP) sectors will have limits placed on the renewal of their permits temporarily lifted in order to ease the labour crunch this sector is currently going through. CMP workers whose work permits expire between July and December 2021 can renew their permits for up to two years, even if they do not meet the renewal criteria such as the caps on employment period or employment age. 

Levy rebates on foreign workers (250 SGD per worker) have also been extended until March in order to help labour-intensive companies, especially those of the above sector. 

Fair Employment Guidelines to be Formally Legislated 

 Tripartite Alliance for Fair and Progressive Employment Practices (Tafep) is a three-way partnership between the Singapore government, the National Trades Union Congress (NTUC) and the Singapore National Employers Federation to provide fair employment guidelines. Although Singapore-based companies are already required to follow Tafep guidelines, enshrining it into law would give even more protection for the workers and allow the authorities more room to intervene. 

Overall, this has been a series of changes that signals Singapore to be moving towards a more progressive direction, with greater protection and coverage for workers. However, the on-going pandemic still introduces complications such as the limit of number of people in office as well as vaccination statuses affecting employment, as these conditions constantly fluctuate in such volatile times. 

References: 

https://www.businesstimes.com.sg/government-economy/singapore-to-temporarily-relax-foreign-worker-hiring-rules-mom

https://www.mom.gov.sg/employment-practices/retrenchment/responsible-retrenchment

https://www.straitstimes.com/singapore/politics/retirement-and-re-employment-ages-will-be-raised-to-65-and-70

https://www.straitstimes.com/politics/national-day-rally-2019-retirement-age-to-go-up-to-65-older-workers-cpf-rates-to-be-raised

https://economictimes.indiatimes.com/nri/work/singapore-extends-levy-rebate-on-foreign-workers-till-march-to-help-15000-labour-intensive-companies/articleshow/88409252.cms

https://www.straitstimes.com/singapore/politics/ndr-2021-fair-employment-guidelines-to-become-law-new-tribunal-to-deal-with

Singapore: Bursting the hybrid working bubble?

While we are getting comfortable settling into the routines of working from home, there is now news that work from home will no longer be the default from 1 Jan 2022 onwards. On December 14, The Ministry of Health made an announcement that 50% of the employees who can work from home will be allowed to return to the office from the start of January. Of course, these measures only apply to employees who are fully vaccinated or have recovered from Covid-19 recently. 

Whether this piece of news is worth to be celebrated over, it remains unclear. There are sentiments surrounding both sides of the coin; some employees are lamenting over it since work from home has granted them with great advantages, while some employers are cautiously happy about returning to that form of normality.  

After all, there are many existing limits to the whole work from home set up. Some of the struggles of navigating remote working can be very subjective as well, such as not having a conducive enough environment at home for work. Especially when meetings and discussion of confidential information surface, remote working does provide an added challenge for employees who face space constraints problems. 

With these employees, there are some consensuses around that moving back to the office can be better in terms of reduced ambiguities with in-person meetings and the authentic social interaction with colleagues as well.  

However, Singaporeans may not be entirely ready to give up the added advantages of working from home. Some of the cited advantages are lesser time wasted during commute, extra sleep, higher flexibility, and the list goes on. Especially for employees who have children at home, this remote working arrangement has seen to be more productive for some. 

An Organizational behavior expert – Associate Professor Trevor Yu – commented that it remains vital that employers and employees work out a set of flexible work arrangements that is satisfactory for all key stakeholders.  

Amongst the factors of consideration, it is necessary to understand the best conditions the employees work under. Adapting back into the “normal” routine of going back to offices can be a sudden change for many, and while the benefits of returning back are recognized, employees’ safety and headspace should take precedence. After all, going back to offices does not mean returning to pre-Covid arrangements; mandatory mask-wearing policies, regular temperature logging and safe distancing measures will still be in place. All these are added factors that can be uncomfortable for employees, which may impact productivity in the end. 

Ultimately, as Singapore progresses towards recovery, Singaporeans should still prepare to ease back into returning to offices. Employers, however, can better facilitate this shift and adaptation by gathering employees’ sentiments and understanding any legitimate concerns that some employees may have and actively provide a solution to help those employees transition back to normality. 

References: 

https://www.channelnewsasia.com/singapore/wfh-return-office-default-working-home-companies-2383286

https://www.channelnewsasia.com/singapore/singapore-working-from-home-office-covid-19-604441

https://www.channelnewsasia.com/singapore/work-home-return-office-1-jan-vds-2378516

Singapore: The Labour Market in 3Q 2021

The good news is that there seems to be an improvement in the overall labour market in 3Q 2021 as compared to the previous quarter. However, the less positive news is that recovery remains uneven across sectors. Despite some upticks in resident employment, the total employment continues to decline. The rate of decline is nothing out of the ordinary given the ongoing border restrictions. These are insights captured from the Labour Market Report released by Singapore’s Ministry of Manpower on 15 December 2021. 

  1. Smaller declines in Total Employment 

Compared to 2Q 2021, Resident Employment increased strongly by 19,100 while Non-Resident Employment declined by 21,500. Thus, despite the overall decline in total employment, it is worth noting that this downswing is significantly smaller than the previous quarter.  

Zooming into Resident Employment, its strong growth is observed to be led by outward-oriented sectors such as: Information & Communications, Professional Services and Financial Services, as well as domestically oriented sectors of Administrative & Support Services and Health & Social Services. Once again, the uneven growth across sectors remains prevalent. Sectors like Food & Beverage Services, or tourism related sectors have not caught up yet. 

With Singapore easing back into the transition of travelling, these gradual relaxation of travel and dining restrictions will play a vital role in the improvement of employment statistics in the lagging sectors. 

  1. Unemployment rates are improving; slowly but surely 

The latest data in October 2021 shows improvements in unemployment rates generally. From August to September 2021, both Resident and Citizen unemployment rate saw a slight improvement by 0.1% point, leaving Resident and Citizen unemployment rate to be 3.5% and 3.7% respectively.   

  1. Decline in Retrenchments and rising of Job Vacancies 

According to the Labour Market Report for Q3 2021, the incidence of retrenchments also fell; from 1.3 retrenchments every 1000 employees to 1.1. Furthermore, the six month re-entry rate among retrenched residents have bounced back to the rate seen in 1Q 2021, from 64% to 66%.  

While retrenchments rate decline, the ratio of job vacancies to unemployed persons are on the rise. Up from 163 job vacancies per 100 employees in June 2021, this rate has climbed to 209 job vacancies per 100 employees. 

These are the main findings from the Labour Market Report for 3Q 2021. Singapore’s labour market is generally observed to move forward along this road of recovery as we transition into 2022. However, this uneven recovery across sectors will still be in the picture. Despite the easing of dining and travel restrictions, the economic climate remains highly uncertain especially with the Omicron variant around.  

References: 

https://www.mom.gov.sg/newsroom/press-releases/2021/1215-labour-market-report-third-quarter-2021

Singapore: The Omicron variant clamping on the dream of travelling abroad

Just as the glimmer of hope of easing into the relaxation of travel restrictions finally appear, the emergence of the new variant of Covid-19 is clamping on that dream. With rising concerns of this new variant also known as Omicron, countries are circling around the conversation of travel restrictions extremely cautiously.

Effective from 29 November 2021, Singapore has expanded its Vaccinated Travel Lane (VTL) agreements to 18 countries. This means that fully-vaccinated travellers can travel to the VTL destinations without the need to quarantine at either countries upon arrival. These countries are Germany, France, Denmark, Brunei, Italy, United Kingdom, Switzerland, The Netherlands, Spain, USA, Canada, Australia, South Korea, India, Indonesia, Malaysia, Finland and Sweden.

However, with the news of the Omicron variant spreading, this has disrupted some of these existing VTL agreements and even deferred some of the upcoming ones, such as the VTL arrangements with Qatar, Saudi Arabia and the United Arabs Emirates. From 6 December 2021, all travellers entering Singapore through the VTLs will have to take Covid-19 tests daily for a week upon arrival. This is on top of the current requirements, which are the swabs for a pre-departure test, an on-arrival polymerase chain reaction test (PCR test), as well as supervised antigen rapid tests (ARTs) on day 3 and day 7 of their visit.

Not only looking at leisure travelling, the Singapore Government released an immediate mandate on 4 December 2021 that employers of S Pass and work permit holders in construction, marine shipyard as well as process sectors will not be allowed to make new applications for their employees to enter the country via the VTL. This applies to employers of other dormitory-bound work pass holders as well.

Such workers can only enter Singapore via the ongoing initiatives specific towards construction, marine shipyard and process sectors or the Work Pass Holder General Lane for all other work pass holders where programmes with upstream testing and isolation in the source country exist.

Malaysians and female work pass holders however, will still be able to enter Singapore via the VTL but will be subjected to the prevailing health protocols. This is due to the reason that these individuals do not generally reside in dormitory environments.

Needless to say, these disruptions towards bringing in migrant workers continue to significantly contribute to the manpower crunch in the construction, marine shipyard and process sectors. Since end-2019 when Covid-19 became rampant globally, the number of work permit holders in these sectors in Singapore has declined by more than 15%.

It is clear that the battle is not won yet, thus it is necessary to take swift actions and tighten up efforts so as to stay in control of the situation. After all, prevention is better than cure, and trudging forward slowly is better than nothing.

References:

https://www.businesstimes.com.sg/government-economy/dormitory-bound-work-pass-holders-cannot-enter-singapore-via-vtl-mom

https://safetravel.ica.gov.sg/vtl/requirements-and-process

https://www.channelnewsasia.com/singapore/vtl-travellers-covid-19-testing-daily-7-days-singapore-omicron-variant-2356791

Malaysia: Clear indications of regaining momentum

From the last update of the stagnant unemployment rate in Malaysia during July 2021 (Read about it here:https://www.linkcompliance.com/2021/09/24/malaysia-a-step-forward/), there are now clear signs of recovery as seen from the latest update in the October 2021 labor force statistics released by Malaysia’s Department of Statistics (DoSM).

The most encouraging sign is the dip in Malaysia’s unemployment rate to 4.3%; the lowest ever since April 2020. The number of unemployed persons continued to lessen month on month by 3.4%. Although it remains relatively higher than pre-pandemic periods, this is truly a step forward amidst the looming uncertainty in the pandemic. Amidst the unemployed persons in October 2021, it is found that there is a decrease of actively unemployed people (those who were available and were actively seeking jobs) from 87.1% in September to 83.6% in October 2021.

Another notable trend is the uptick in employed persons in October 2021, with a 0.6% increase on a month-on-month basis. This has been a stable trend observed year-on-year. Zooming in on the industries, the number of employed persons in the Services sector continue to see improvements. Specifically, the increase is seen in Wholesale and retail trade, Food and beverages services, information and communication as well as Transport and storage activities. Manufacturing and Construction – a hard hit sector – remained positive for the third month as well. However, Agriculture as well as the Mining and Quarrying sector are still looking at a downwards trend.

Finally, the labour participation rate stepped up with a 0.2% gain, ranking at 68.8% currently. Under the labour force indicator, it is observed that the number of female labour force climbed to 6.26 million persons from 6.25 million persons as well. This is once again an encouraging sign as Malaysia ramps up on the efforts in ensuring a level playing field for women.

All these positive signs are clear indications that the Government interventions such as the Budget 2022 are playing a crucial role in assisting the groups within the population well (Read about some of the interventions in Budget 2022 here: https://www.linkcompliance.com/2021/11/12/malaysia-creating-job-opportunities-as-the-way-forward/). With the world easing towards the resumption of interstate travel, it is anticipated that it will bring about even more positive influences to employment especially in the tourism sector. These improvements and progresses are signs of regaining the business momentum, and it applies not just to Malaysia, but most of the countries globally.

Reference:

https://www.dosm.gov.my/v1/index.php?r=column/cthemeByCat&cat=124&bul_id=VkVveHlUWm5MMTlkc3oxK2svL00rUT09&menu_id=Tm8zcnRjdVRNWWlpWjRlbmtlaDk1UT09

“Cautious”, But Optimistic Outlook for Hong Kong in 2022

Despite the pandemic attacking in waves with variants like Delta spreading around, Hong Kong’s economy has been improving.

In a poll done in September, more than 400 companies have revealed that there would be an increase of 1.7% in pay in 2022, while more than ⅓ of the companies have plans to expand their businesses by hiring more people.

Although the increase in wages may not be as great as compared to other Asian countries like Singapore and Korea, it is still faring better than many countries outside of Asia, who are more heavily disrupted by supply-chain issues.

In addition, unemployment rates between August to October have fallen by 4.3%, with sectors like F&B, and arts and entertainment making gradual recoveries.

As for the economy, retail sales have been growing for the ninth-month straight, a positive trend that would hopefully stay positive. This is partially due to the digital vouchers the government had issued in order to boost domestic spending within the economy.

Subsequently, Hong Kong’s GDP is also forecasted to grow by 6.4% for the full year, while inflation would likely remain in check in contrast to other countries outside of Asia, despite rising import costs.

Overall, even with the slow growth in improvement, things seem to be heading upwards for Hong Kong as the world moves into endemic living. 

References:

https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3157995/hong-kong-workers-set-17-cent-pay-rise-2022

https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3155863/hong-kong-economy-grows-54-cent-third-quarter

https://www.businesstimes.com.sg/government-economy/hong-kong-retail-sales-rise-for-9th-month-as-stimulus-lends-support