About Passports, Diversity, and High-Tech Manufacturing: News Roundup for July 2023
It's July, which means half of the year has gone by! We round up more of the news around the HR world in July 2023.
Singapore Passport Most Powerful in the World, Dethroning Japan
Singapore's passport has surpassed Japan's passport to become the world's most powerful passport. This highlights Singapore's strong position in international diplomacy and global mobility according to the Henley Passport Index, a ranking that assesses passport strength based on visa-free access to countries. Holders of Singaporean passports enjoy visa-free entry to 192 destinations out of 227 in the world.
Tesla Announces Entry into Malaysia, Creating High-Tech Jobs
Tesla has announced its investment and expansion plans into Malaysia with Cyberjaya as its hub for Southeast Asian expansion. The electric vehicle manufacturer aims to establish a presence in the country, signaling its commitment to tapping into the Southeast Asian market as growth plateaus in other markets. This move comes as part of Tesla's broader strategy to expand its global footprint and capitalize on the growing demand for sustainable transportation solutions. The investment is expected to bolster Malaysia's economy and potentially pave the way for greater adoption of electric vehicles in the region, as Tesla's presence is likely to catalyze advancements in the local electric vehicle infrastructure and technology, as well as create thousands of high-tech jobs according to Prime Minister Datuk Seri Anwar Ibrahim.
Base Salaries in Japan Jump Highest Since 1995
Japan has experienced the most significant increase in regular wages since 1995 following successful labour talks. This substantial rise in regular wages signals a positive development in the country's labour market and will have implications for economic growth and consumer spending in the region. Japan's largest labour organization Rengo said that major companies had agreed to average pay hikes of 3.58% this year, the highest since 3.9% in 1993.
Hong Kong Boards Show Increasing Diversity
Hong Kong-listed companies are showing increased diversity, according to the Hong Kong Board Monitor report by executive consultancy Heidrick & Struggles. Companies listed on the HKEx are placing greater importance on having diverse representation within their boardrooms, including women, first-time board directors, and those with wider executive experiences outside of the CEO and CFO. By incorporating individuals with varied backgrounds, skills, and perspectives, these companies aim to enhance decision-making processes, drive innovation, and strengthen their overall performance.
Japan and Korea Top Most Expensive Destinations to Employ Expatriates
Japan and Korea are the costliest countries in Asia for companies to relocate their employees internationally. Based on a study by ECA International, locations in Asia, Europe, and North America dominate the list of most expensive destinations. Factors like housing, schooling, and various allowances significantly contribute to the high costs faced by employers as well as the strength of the US dollar, the de facto universal currency used for expat pay.
Malaysia Rolls Out Digital Nomad Pass for Strategic Investors
The Malaysian government has recently introduced a new strategic immigration initiative to boost its manufacturing sector by issuing the Digital Nomad Pass and Strategic Investor Pass. These passes are targeted at investors who commit quality investments worth at least RM5 billion in certain manufacturing sectors. This will allow foreign individuals with expertise in relevant industries to work and stay in Malaysia for up to 10 years. This move aims to attract skilled professionals and encourage foreign investment in the country's manufacturing sector. By embracing the digital nomad trend, Malaysia hopes to tap into a diverse talent pool and enhance its economic growth and competitiveness in the global market.
Learn how BrioHR can simplify HR for your business by getting a free demo here.
It’s July, which means half of the year has gone by! We round up more of the news around the HR world in July 2023.
Singapore Passport Most Powerful in the World, Dethroning Japan
Singapore’s passport has surpassed Japan’s passport to become the world’s most powerful passport. This highlights Singapore’s strong position in international diplomacy and global mobility according to the Henley Passport Index, a ranking that assesses passport strength based on visa-free access to countries. Holders of Singaporean passports enjoy visa-free entry to 192 destinations out of 227 in the world.
Tesla Announces Entry into Malaysia, Creating High-Tech Jobs
Tesla has announced its investment and expansion plans into Malaysia with Cyberjaya as its hub for Southeast Asian expansion. The electric vehicle manufacturer aims to establish a presence in the country, signaling its commitment to tapping into the Southeast Asian market as growth plateaus in other markets. This move comes as part of Tesla’s broader strategy to expand its global footprint and capitalize on the growing demand for sustainable transportation solutions. The investment is expected to bolster Malaysia’s economy and potentially pave the way for greater adoption of electric vehicles in the region, as Tesla’s presence is likely to catalyze advancements in the local electric vehicle infrastructure and technology, as well as create thousands of high-tech jobs according to Prime Minister Datuk Seri Anwar Ibrahim.
Base Salaries in Japan Jump Highest Since 1995
Japan has experienced the most significant increase in regular wages since 1995 following successful labour talks. This substantial rise in regular wages signals a positive development in the country’s labour market and will have implications for economic growth and consumer spending in the region. Japan’s largest labour organization Rengo said that major companies had agreed to average pay hikes of 3.58% this year, the highest since 3.9% in 1993.
Hong Kong Boards Show Increasing Diversity
Hong Kong-listed companies are showing increased diversity, according to the Hong Kong Board Monitor report by executive consultancy Heidrick & Struggles. Companies listed on the HKEx are placing greater importance on having diverse representation within their boardrooms, including women, first-time board directors, and those with wider executive experiences outside of the CEO and CFO. By incorporating individuals with varied backgrounds, skills, and perspectives, these companies aim to enhance decision-making processes, drive innovation, and strengthen their overall performance.
Japan and Korea Top Most Expensive Destinations to Employ Expatriates
Japan and Korea are the costliest countries in Asia for companies to relocate their employees internationally. Based on a study by ECA International, locations in Asia, Europe, and North America dominate the list of most expensive destinations. Factors like housing, schooling, and various allowances significantly contribute to the high costs faced by employers as well as the strength of the US dollar, the de facto universal currency used for expat pay.
Malaysia Rolls Out Digital Nomad Pass for Strategic Investors
The Malaysian government has recently introduced a new strategic immigration initiative to boost its manufacturing sector by issuing the Digital Nomad Pass and Strategic Investor Pass. These passes are targeted at investors who commit quality investments worth at least RM5 billion in certain manufacturing sectors. This will allow foreign individuals with expertise in relevant industries to work and stay in Malaysia for up to 10 years. This move aims to attract skilled professionals and encourage foreign investment in the country’s manufacturing sector. By embracing the digital nomad trend, Malaysia hopes to tap into a diverse talent pool and enhance its economic growth and competitiveness in the global market.
Learn how BrioHR can simplify HR for your business by getting a free demo here.
