Duds, Lower Value Human Capital and a Bonus
In an interview with Bloomberg’s Mishal Husain, David Dimbleby was quoted as saying “Change him, you’ve got a dud — a nice and no doubt very intelligent man, but a man so overcautious and seen publicly as somebody who decides something and then once he gets a bit of opposition, turns back”. An awkward read for the PM.
Equally awkward was the quote from Standard Chartered’s CEO Bill Winters, for which he subsequently apologised, for his comment about how AI will affect “lower value human capital.” It is obvious from numerous recent public announcements that AI and job losses go hand in hand. No-one should be surprised by this.
There were considerable fears late last week that Samsung Electronics (SEC) faced a strike by many of their 78,000 strong workforce. Fortunately, a last minute deal (not yet signed and sealed) has averted the strike but at some considerable cost.
According to Bloomberg calculations, employees in different divisions will receive varying levels of bonuses. On average workers will receive Won513mn equivalent to US$340,000 each. For comparative purposes, the average wage last year was Won158mn. SEC has agreed to distribute 10.5% of profit as a bonus in stock and a further 1.5% in cash. SK Hynix introduced a similar bonus plan last year.
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