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SINGAPORE – Millions of jobs will be wiped out by 2027 and the rate of creation of new jobs will be far lower than those eliminated.

This was the grim conclusion of the World Economic Forums (WEF) The Future of Jobs Report 2023, released on Monday. It comes amid concerns of a looming economic recession and persistent inflation.

Nearly a quarter of jobs will change by 2027, with about 69 million new jobs being created and 83 million to be eliminated, it said. This would mean a net decrease of 14 million jobs or 2 per cent of current employment.

Increasing digitalisation, adoption of new technologies, transition to a green economy, localisation of supply chains and slower economic growth are driving the change.

The findings are based on a survey of 803 companies that employ 11.3 million people in 45 economies around the world.

The most-in-demand jobs at the moment for the coming years are artificial intelligence (AI) and machine learning specialists, sustainability specialists, business intelligence analysts and information security specialists.

Jobs that will decline the fastest include clerical or secretarial roles, among them those of bank tellers, cashiers and data entry clerks.

The human-machine frontier is shifting to a new terrain, said Ms Saadia Zahidi, managing director at the WEF, acknowledging that technology is creating the structural churn.

While expectations of the displacement of physical and manual work by machines has decreased, tasks requiring reasoning, communicating and coordinating all traits with a comparative advantage for humans are expected to be more automatable in the future, she noted in an op-ed to mark the release of the Jobs Report 2023.

Generative AI is expected to be adopted by nearly 75 per cent of surveyed companies and will be second only to humanoid and industrial robots in terms of inflicting job losses, she said.

The WEFs report points out that the employment of data analysts and scientists, big data specialists, AI machine learning specialists and cyber-security professionals is expected to grow on average by 30 per cent by 2027.

Concurring with the reports findings, LinkedIns Ms Suzanne Duke, who heads the global public policy and economic graph team at the firm, said digital and green jobs have been the most in-demand in recent years.

There has been a 50 per cent surge in jobs mentioning GPT in the past 12 months, she said during a virtual briefing session by the WEF on the reports findings on Tuesday. GPT, or Generative Pre-trained Transformer, is a language model system that uses deep learning to produce human-like text.

Ms Zahidi and Ms Duke agreed that the emphasis on green jobs is bound to grow.

Roles from renewable energy engineers, solar energy installation and systems engineers to sustainability specialists and environmental protection professionals will be in high demand, translating to growth of approximately one million jobs, Ms Zahidi said in her op-ed. More On This Topic Singapore can expect lower job market churn from 2023-2027: WEF expert askST Jobs: How to flourish after youve been redeployed The WEFs Job Report 2023 said, however, that the largest absolute gains in jobs will be in the education and agriculture sectors.

Jobs in the education industry are expected to grow by about 10 per cent, leading to three million additional jobs for vocational and higher education teachers.

Jobs for agricultural professionals will see a 15 per cent to 30 per cent increase, leading to an additional four million jobs.

While disruption will be across the globe, the new economic geography created by shifting supply chains and a greater focus on resilience over efficiency is expected to create net job growth, with wins for economies in Asia and the Middle East especially, said Ms Zahidi.

In terms of skills upgrades, the Jobs Report estimates that on average, 44 per cent of an individual workers skills will need to be updated.

Strong cognitive skills are increasingly valued by employers, reflecting the growing importance of complex problem-solving in the workplace, said the report.

Analytical thinking and creative thinking will be the most valued skills in 2023, and remain so for the next five years.

Faster reskilling will be necessary, said Mr Shravan Goli, chief operating officer at Coursera, an open online course provider at the virtual briefing.

The companys research showed that individuals without degrees could acquire critical skills in a similar timeframe to those with degrees.

Given this reality, companies could opt for more skills-based hiring to tackle skills gaps and talent shortages, he said. More On This Topic Singapore still has archaic ideas about skills-based jobs, says President Halimah askST Jobs: How to choose the best training pathway Top 10 fastest growing jobs*

1. AI and Machine Learning Specialists

2. Sustainability Specialists

3. Business Intelligence Analysts

4. Information Security Analysts

5. Fintech Engineers

6. Data Analysts and Scientists

7. Robotics Engineers

8. Big Data Specialists

9. Agricultural Equipment Operators

10. Digital Transformation Specialists

*The jobs that survey respondents expect will grow most quickly from 2023 to 2027, as a fraction of present employment figures. Top 10 skills of 2023**

1. Analytical thinking

2. Creative thinking

3. Resilience, flexibility and agility

4. Motivation and self-awareness

5. Curiosity and lifelong learning

6. Technological literacy

7. Dependability and attention to detail

8. Empathy and active listening

9. Leadership and social influence

10. Quality control

**The skills judged to be of greatest importance to workers at the time of survey. Source: World Economic Forum, Future of Jobs Report 2023 More On This Topic First real-world study shows generative AI boosted worker productivity by 14% Singapore salary guide 2022: Is your pay competitive?

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Starmer and Reeves hint at tax rises to come ahead of unusual pre-budget speech today

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Starmer and Reeves hint at tax rises to come ahead of unusual pre-budget speech today

Sir Keir Starmer and Rachel Reeves have hinted at tax rises to come when the chancellor delivers the budget later this month.

In a Downing Street speech this morning, Ms Reeves will address “speculation” that an increase in income tax will be announced during the highly-anticipated statement on 26 November.

Politics Hub: Follow chancellor’s speech live

Sky News political editor Beth Rigby said it was “highly unusual” for the chancellor to make such a speech, but the Treasury believes she must “try to prepare the ground and make the argument for another big tax-raising budget”.

“I will make the choices necessary to deliver strong foundations for our economy – for this year, and years to come,” Ms Reeves will say.

Last night, Sir Keir gave Labour MPs a taste of what’s to come by warning of the need for “tough but fair” decisions.

Speaking at a party meeting in Westminster, he said the budget “takes place against a difficult economic backdrop”.

“It’s becoming clearer the long-term impact of Tory austerity, their botched Brexit deal and the pandemic on Britain’s productivity is worse than even we feared,” the prime minister said.

“Faced with that, we will make the tough but fair decisions to renew our country and build it for the long term.”

Starmer and Reeves know how hard this is going to be

I don’t need to tell you how difficult and contested this is going to be.

Only a year ago, the chancellor unveiled the biggest tax-raising budget since 1993 and said it was a “once in a parliament event”.

MPs will be fearing a massive backlash should manifesto promises on not raising income tax (and VAT and national insurance) for working people be broken.

Government figures know how hard it’s going to be but argue the chancellor has to level with the public about the hard choices ahead and what is driving her decision-making.

It comes after Sir Keir refused to confirm at Prime Minister’s Questions last week that the budget would honour his party’s manifesto pledge not to raise income tax, national insurance or VAT.

Having raised taxes in last year’s budget, notably national insurance on employers, Ms Reeves has also previously promised not to “come back for more” during this parliament.

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Will Labour raise taxes?

The PM and chancellor’s warnings come after reports suggested the Office for Budget Responsibility is expected to downgrade its productivity growth forecast for the UK by about 0.3 percentage points.

That would leave Ms Reeves with a larger than expected fiscal black hole to fill, possibly up to £30bn.

She is said to be considering a proposal from The Resolution Foundation, a left-leaning thinktank close to the government, to raise income tax by 2p but cut national insurance by the same amount.

The thinktank, which used to be headed by Torsten Bell, a Labour MP who is now a key aide to Ms Reeves and a pensions minister, said the move would raise vital cash while protecting working people.

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A promise-breaking budget?

Reeves to prioritise NHS and cost of living

Giving a further flavour of what to expect, Ms Reeves will this morning vow to make “important choices that will shape our economy for years to come”.

“It is important that people understand the circumstances we are facing, the principles guiding my choices – and why I believe they will be the right choices for the country,” she will add.

Ms Reeves will say her priorities are cutting national debt, easing the cost of living and protecting the NHS.

“It will be a budget led by this government’s values,” she’s set to say.

“Of fairness and opportunity and focused squarely on the priorities of the British people: protecting our NHS, reducing our national debt and improving the cost of living.”

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Starmer and Reeves hint at tax rises to come ahead of unusual pre-budget speech today

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on

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Starmer and Reeves hint at tax rises to come ahead of unusual pre-budget speech today

Sir Keir Starmer and Rachel Reeves have hinted at tax rises to come when the chancellor delivers the budget later this month.

In a Downing Street speech this morning, Ms Reeves will address “speculation” that an increase in income tax will be announced during the highly-anticipated statement on 26 November.

Politics Hub: Follow chancellor’s speech live

Sky News political editor Beth Rigby said it was “highly unusual” for the chancellor to make such a speech, but the Treasury believes she must “try to prepare the ground and make the argument for another big tax-raising budget”.

“I will make the choices necessary to deliver strong foundations for our economy – for this year, and years to come,” Ms Reeves will say.

Last night, Sir Keir gave Labour MPs a taste of what’s to come by warning of the need for “tough but fair” decisions.

Speaking at a party meeting in Westminster, he said the budget “takes place against a difficult economic backdrop”.

“It’s becoming clearer the long-term impact of Tory austerity, their botched Brexit deal and the pandemic on Britain’s productivity is worse than even we feared,” the prime minister said.

“Faced with that, we will make the tough but fair decisions to renew our country and build it for the long term.”

Starmer and Reeves know how hard this is going to be

I don’t need to tell you how difficult and contested this is going to be.

Only a year ago, the chancellor unveiled the biggest tax-raising budget since 1993 and said it was a “once in a parliament event”.

MPs will be fearing a massive backlash should manifesto promises on not raising income tax (and VAT and national insurance) for working people be broken.

Government figures know how hard it’s going to be but argue the chancellor has to level with the public about the hard choices ahead and what is driving her decision-making.

It comes after Sir Keir refused to confirm at Prime Minister’s Questions last week that the budget would honour his party’s manifesto pledge not to raise income tax, national insurance or VAT.

Having raised taxes in last year’s budget, notably national insurance on employers, Ms Reeves has also previously promised not to “come back for more” during this parliament.

Please use Chrome browser for a more accessible video player

Will Labour raise taxes?

The PM and chancellor’s warnings come after reports suggested the Office for Budget Responsibility is expected to downgrade its productivity growth forecast for the UK by about 0.3 percentage points.

That would leave Ms Reeves with a larger than expected fiscal black hole to fill, possibly up to £30bn.

She is said to be considering a proposal from The Resolution Foundation, a left-leaning thinktank close to the government, to raise income tax by 2p but cut national insurance by the same amount.

The thinktank, which used to be headed by Torsten Bell, a Labour MP who is now a key aide to Ms Reeves and a pensions minister, said the move would raise vital cash while protecting working people.

Please use Chrome browser for a more accessible video player

A promise-breaking budget?

Reeves to prioritise NHS and cost of living

Giving a further flavour of what to expect, Ms Reeves will this morning vow to make “important choices that will shape our economy for years to come”.

“It is important that people understand the circumstances we are facing, the principles guiding my choices – and why I believe they will be the right choices for the country,” she will add.

Ms Reeves will say her priorities are cutting national debt, easing the cost of living and protecting the NHS.

“It will be a budget led by this government’s values,” she’s set to say.

“Of fairness and opportunity and focused squarely on the priorities of the British people: protecting our NHS, reducing our national debt and improving the cost of living.”

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‘Vile and dangerous’ strangulation pornography to be banned

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'Vile and dangerous' strangulation pornography to be banned

Strangulation pornography will be banned following a review which found such images have helped to establish it as a sexual norm.

The possession and publication of images depicting strangulation and suffocation will be criminalised under the Crime and Policing Bill, which is currently making its way through parliament.

Non-fatal strangulation is already an offence in its own right, but it is not currently illegal to show it online.

Conservative peer Baroness Bertin warned earlier this year that there has been a “total absence of government scrutiny” of the pornography industry.

Baroness Gabby Bertin carried out a review of the online pornography industry
Image:
Baroness Gabby Bertin carried out a review of the online pornography industry

Her independent review, published in February, referred to worrying anecdotal evidence from teachers about students asking how to choke girls during sex.

People acting out choking in their sex lives “may face devastating consequences”, she said in the review.

More from Politics

On Monday, the government confirmed it was putting forward amendments to the Crime and Policing Bill, which is due to come back before peers in the House of Lords for further scrutiny next week.

As well as making strangulation or suffocation in pornography illegal, duties will be placed on online platforms to stop the spread of such images, the Ministry of Justice (MoJ) said.

Another amendment will extend the time limit for victims of intimate image abuse, which can include so-called “revenge porn”, to come forward to report such crimes.

Currently, victims have six months to do so, but this will be extended to three years.

Victims minister Alex Davies-Jones said the government “will not stand by while women are violated online and victimised by violent pornography which is allowed to normalise harm”.

She added: “We are sending a strong message that dangerous and sexist behaviour will not be tolerated.”

Of strangulation pornography, Technology Secretary Liz Kendall said: “Viewing and sharing this kind of material online is not only deeply distressing, it is vile and dangerous. Those who post or promote such content are contributing to a culture of violence and abuse that has no place in our society.

“We’re also holding tech companies to account and making sure they stop this content before it can spread. We are determined to make sure women and girls can go online without fear of violence or exploitation.”

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From June: ‘He was going to kill me’

The government said if the amendments were accepted, possession or publication of strangulation or suffocation in pornography would become a priority offence under the Online Safety Act.

Technology firms would be legally required to take steps to stop such violent content reaching internet users, rather than simply waiting for it to be reported.

The government suggested this could be done through moderation tools, stricter content policies or automated systems being used to detect and hide images.

The British Board of Film Classification (BBFC) welcomed the planned changes, but said they must “mark the beginning of broader reform to ensure parity between online and offline content standards”.

Its chief executive David Austin said: “Harmful depictions of non-consensual, violent and abusive activity continue to be readily accessible to UK users.”

The BBFC said it stands ready to take on “the formal role of auditing online pornography”, which would be “a natural extension of the role we have carried out offline for decades”.

Bernie Ryan, chief executive of the Institute For Addressing Strangulation, welcomed the proposed ban, saying the “serious risks posed by unregulated online content, especially to children and young people” must be recognised.

She added: “Strangulation is a serious form of violence, often used in domestic abuse to control, silence or terrify.

“When it’s portrayed in pornography, particularly without context, it can send confusing and harmful messages to young people about what is normal or acceptable in intimate relationships. Our research shows there is no safe way to strangle.”

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