Clemence Kng on LinkedIn: Spotlight on options to supplement income in retirement as super-ageing… (2024)

"With the push to experiment and release these new technologies at pace, security vulnerabilities have emerged""THE recent news of amultinational firm being deceived by a generative artificial intelligence (AI) “deepfake”into paying US$25 million to a threat actor has signalled the need for businesses to increase vigilance against a new wave of AI-powered cybercrime.Unfortunately, even before generative AI technology started being widely leveraged as a tool to drive more crime, cyberattacks in 2024 were already trending upwards. According to Aon’s analysis of risk-based security data, ransomware attacks were up 214 per cent on a year-on-year basis in the fourth quarter of 2023, and had surged by over 1,280 per cent when indexed against ransomware frequency before the pandemic (Q1 2019).Compounding a worsening risk landscape, recent advances in AI, particularly generative AI, are enabling more novel and scalable cybercrimes to proliferate.As with the above fraud example, open-source and off-the-shelf generative AI tools are increasingly being used by threat actors to facilitate social engineering attacks. This may involve combining large language models (LLMs) with other commercial software-as-a-service (SaaS) tools, such as call centre automation software, to create a range of synthetic content to target victims – for instance, realistic video or audio cloning of senior executives.These “deepfakes” are proving highly effective in deceiving employees, vendors, and executives into unwittingly disseminating sensitive information, sharing login credentials, or facilitating fund transfers.Beyond deception and social engineering, open-source generative AI tools are also being leveraged by threat actors to bring “nation-state” levels of computing scale and automation to their hacking campaigns.Recently, researchers at the University of Illinois Urbana-Champaign reported that OpenAI’s latest LLM, GPT-4, was able to exploit 87 per cent of “one-day” vulnerabilities. These cost-efficient advances in readily available generative AI tools are having the unintended consequence of significantly lowering the barrier to entry for many threat actors to exploit newly disclosed weaknesses at scale. They can now move faster to exploit discovered liabilities than the target companies can remediate them.Additionally, the rapid deployment of unsecured AI tools – or “shadow AI” – by companies is itself becoming the target of cybercrime. According to Bergur Thormundsson at Statista, global spending on AI technology reached US$154 billion in 2023. And Asia-Pacific data from a recent Aon study of intangible and tangible risks found that 79 per cent of companies are currently deploying AI products or plan to do so in the next 12 months, suggesting a rush to bring products to market and leveraging tools to remain competitive."

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Great series of articles, well worth a read if you're interested in one of the most exciting tech development in decades (Artificial Intelligence). "At the latest Worldwide Developers Conference, Apple announced that it is not only launching its own suite of artificial-intelligence models, but also integrating OpenAI’s ChatGPT into its devices and software. As AI increasingly penetrates our lives, debates about the technology’s risks and potential are reaching fever pitch.One challenge – which is particularly relevant to Apple, with its much-touted commitment to customer security and privacy – lies in developers’ reliance on user-provided data to train AI models. As the University of Hong Kong’sAngela Huyue Zhangand London Business School’sS. Alex Yangwarn, OpenAI’s new multimodal AI tool, GPT-4o, is “designed to gobble up user data, much of which is copyrighted.” Since users may not own the data they are sharing, their consent is not enough to guard against copyright infringement; regulators must take charge.But while “true technological advances” are always disruptive, points outMichael R. Strainof the American Enterprise Institute, one must not forget that “the problems created by a new technology can also be solved by it.” In fact, from detecting AI-enabled cheating in schools to mitigating the risks of AI-coordinated weapons, AI tools are already doing just that. Past experience, he concludes “should inspire confidence – but not complacency – that generative AI will lead to a better world.”The technology certainly has the potential to improve family life, suggest New America’sAnne-Marie Slaughterand Milo’sAvni Patel Thompson. By taking over “repetitive and mundane tasks,” it would “enable human caregivers to spend more time establishing emotional connections and providing companionship.” Though developing an “AI for caregivers” would “test the technology’s technical limits and determine the extent to which it can account for moral considerations and societal values,” it would undoubtedly be “worth the effort.”Jamie Metzlof OneShared.World offers an even more sweeping vision of AI’s potential, arguing that the technology could help people incorporate into their “traditional identities” a “global consciousness and a greater awareness of how to meet the collective needs of society.” To this end, we should prompt AI systems to “help us imagine a better path forward,” including a “global framework for addressing” common challenges."

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"Is there a right number of humans?Instead of doomsday predictions, focus instead on helping people have the number of children they want.""Humanity is about to turn a major population corner, according to a new estimate. A recent article in the Lancet predicts that by 2030, we’ll no longer be reproducing fast enough to replace ourselves.We aren’t about to go extinct, but this is an unexpected trajectory. As recently as 2017, the United Nations predicted human numbers wouldn’t peak until 2100 when we’d reach more than 11 billion people. According to the new estimate, our numbers could rise from the current 8.1 billion to a maximum of just 9.5 billion before declining by the early 2060s.While a catastrophic population explosion used to seem inevitable, women’s increasing levels of education and reproductive freedom have staved off some of the worst predictions of the 20th century. That’s actually something to celebrate: We’re not about to suffer a population overshoot and run out of food, as sometimes happens to animals in the wild – and as was predicted in the 1968 book, The Population Bomb.But the relative number of older people will skyrocket around the world, causing anxiety among some economists, and some political leaders want more people to have more kids.On the other side, some environmentalists argue for pushing the population to drop faster to slow global warming and loss of habitat for other species, and ultimately for us humans.At the core of the debate are big, unanswered questions: Is 9.5 billion too many people? Will the population subsequently fall to a number that’s too low? Is there a right number of humans?Maybe, instead of focusing on the number of children people are having, policymakers should focus on the fact that too many children worldwide aren’t getting adequate nutrition, education or medical care.Even now, though humans grow enough food to feed everyone, roughly one person in 10 is chronically undernourished – that’s scientific jargon for “hungry all the time” – and more than one child in five is stunted (too short) because of chronic hunger and infections.After all, as demographer and mathematician Joel Cohen explains, the “right number of people” question depends on yet more questions, among them: What would be the accepted standard of material wealth? How much inequality would be acceptable? Would it be okay to build cities in areas prone to catastrophic flooding and earthquakes? Do people prefer carparks or parks?Professor Cohen says the new Lancet estimate is credible. “This is really the most serious piece of work in the business about what has happened and what to expect,” he says. “There are lots of connections to climate, religion, economics, politics – but the fact is that fertility has been going down and is likely to continue to go down.”"

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"Having a culture that is established on the foundations of multiculturalism, with people accepting, respecting and constantly interacting with those from other races and cultures, is a unique and precious feature of the Singaporean Chinese identity, said Senior Minister Lee Hsien Loong on June 12""Instead, it is the only country with a Chinese-majority population that nevertheless maintains a multicultural, multi-religious society where everyone is equal, he said.""In his speech, SM Lee stressed that, in Singapore, all citizens should put the Republic and its interests first. “While the Singapore Chinese share their ethnic roots with other Chinese around the world, and some Chinese feel that we are all ‘descendants of the Dragon’, it is important that we remember we are first and foremost Singaporeans.”Singapore’s Chinese community organisations play an important role in the social integration of the many new immigrants who arrive each year and contribute to Singapore’s economy and enrich its Chinese culture, he added.Business chambers and clan associations have also found ways to help new immigrants embrace Singapore’s way of life and make friends from all races and communities, he said.“Over time, these new immigrants will also develop the unique Singaporean Chinese identity and grow their sense of belonging to Singapore,” he said, adding that this is critical to the country’s social cohesion""SM Lee highlighted a recent article by a Straits Times journalist formerly based in Beijing. Mr Danson Cheong had shared his experience of beingfrequently questioned by locals on his identity.He was told that, since he was Chinese, he should understand and support China’s position. However, he pointed out that he felt a stronger affinity towards people who shared the same experiences growing up, and stated his firm belief that he is Singaporean and this is his country.Agreeing with these views, SM Lee said: “As Singaporeans, we have our own interests to protect and our own positions to uphold.”"

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An edgy article by the ST. According to the author "Some mature workers face ageism while others thrive. How much of this is down to general prejudice and how much stems from their own attitudes?""As Singapore’s population ages, many workers, born in the 1960s and 1970s, are entering their 50s and 60s. Unlike the older Pioneer Generation, these Generation X workers have benefitted from a better education system and dynamic economy, and are ageing with higher savings from work. Many Singaporeans remain in their existing roles in their 50s and 60s, with varying levels of job satisfaction. Some remain highly motivated. Others may feel burnt-out and want a slower pace, Some face ageist attitudes. Others may be tacitly pressured to step aside for younger staff. What factors would help this growing demographic remain engaged at work? Is ageism an issue at the workplace? And what determines if one set of workers finds success at work in their 50s, and not another? Discrimination at work?When I asked friends and contacts in their 50s and 60s about their experience, several said they had encountered age-related bias from colleagues and bosses. Examples of hard discrimination – encoded in human resource practices or laws – are uncommon. Far more widespread is soft discrimination or general bias against older workers. This may be seen in colleagues’ comments, in assumptions at appraisal time, and in society-wide practices.People I talked to cited some examples. There was evidence of a glass ceiling. “My colleagues said, so old already, don’t need to be promoted. Let others get the promotion.” Condescension was also mentioned. Suggestions from mature workers can attract comments from younger colleagues that “those would appeal to old people”. Also common were comments suggesting older workers are stubborn: “Don’t ask him, he’ll say No.” Age-related discrimination remains an issue in the workplace, although surveys suggest the incidence is declining.In 2022, 3.7 per cent of employees faced age-related discrimination at work, compared to 8.5 per cent in 2021, and sharply down from 24.1 per cent in 2018, according to Ministry of Manpower (MOM) surveys.Workers are also protected by law from age-related discrimination. The Retirement and Re-employment Act prevents employers from dismissing workers based on age, and requires employers to offer re-employment to workers when they reach the retirement age, currently set at 63, up till the age of 68.By 2030, the re-employment age will rise to 70.Government grants help companies pay wage increases for older workers, or enable flexible work arrangements for them. There are also government grants for companies to redesign jobs and workplaces to suit older workers.While helpful, the design of some of these schemes may inadvertently reinforce the idea of older workers as frail, less engaged than their younger colleagues, or even as potential liabilities."

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A symbiotic relationship? "Singapore has talent and technology; Johor has land and infrastructure, say UOB’s Lim Lay Wah and Tay Xiaohan of the planned Special Economic Zone.""There has been much excitement about theproposed Johor-Singapore Special Economic Zone (SEZ)since a Memorandum of Understanding was signed between Singapore and Malaysia in January.During his introductory trip to Malaysia on Wednesday (Jun 12), newSingapore Prime Minister Lawrence Wonghighlighted the potential of the SEZ, saying that it could unlock massive economic benefits for both countries.“People harp a lot on the competition (between our two economies), but really, we are complementing one another,” said Mr Wong.His counterpart, Mr Anwar Ibrahim, said that plans for the zone are very close to being finalised. Touted as a potential “Shenzhen of Southeast Asia”, details of the geographical scope of the SEZ in the southern Malaysian state are still being finalised, as are the specific economic sectors. A series of meetings are scheduled to take place this month between the Malaysia and Singapore working groups, which could provide more clarity. A full-fledged agreement is expected to be signed in September. When Malaysia and Singapore announced plans to work on the SEZ, questions were raised as to the types of industries and sectors that would dominate and thrive in this new zone. Johor is proposing 16 economic sectors as part of the zone, including electrical and electronics, medical, aviation and manufacturing.During a Johor state assembly sitting last month, chief minister Onn Hafiz Ghazi also said that the state government has proposed the zone span across six districts - Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai and Kota Tinggi - encompassing a land mass of 3,505 sq km. This is more than four times the size of Singapore, and nearly double the size of Shenzhen. Both Shenzhen and Johor have abundant natural resources and land, as well as access to a young and growing workforce. Both are also strategically located, being close to major economic hubs - Hong Kong in Shenzhen’s case, and Singapore for Johor. With key parallels between Johor and Shenzhen, and with the development of the SEZ, it is possible for Johor to emulate Shenzhen’s success in the near future. CARVING A NICHEBoth Malaysia and Singapore are significant players and partners in the semiconductor ecosystem, and the SEZ will strengthen both countries’ position in the electrical and electronics sector.In 2023, Malaysia’s electrical and electronics sector secured RM85.4 billion (US$18.1 billion) in approved investments, nearly three times the amount in 2022. Meanwhile, Singapore’s electronics cluster accounted for 24.2 per cent of the country’s total fixed asset investments at S$3.1 billion (US$2.3 billion) last year."

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"Greater flexibility in managing work in a world with rising demands on time will help Singapore workers get better rest and become more productive.""How many times have we heard our family and friends lamenting that work is taking away precious time from sleep? And how many of us have gone through that agonising crawl out of bed at the crack of dawn to begin our morning commute? Well, by year’s end, employees can formally request changes in their work arrangements to get more sleep and employers should fairly consider such requests.This will be possible through the recently unveiledTripartite Guidelines on Flexible Work Arrangement Requests. Under these guidelines, workers will have greater flexibility in where and when their work is conducted.A goal must be to help employees achieve better work-life balance so that they can be more engaged and productive at work. Getting better sleep is consistent with this and can be facilitated by such arrangements.Why good sleep is good for businessEmployers are required to respond to flexible work arrangement requests by considering only the impact on their business. Cost and productivity are key considerations, as are managerial control. But instead of focusing on what is lost, managers should focus on what is gained. Here, improving sleep in workers can create a healthier, more engaged and productive workforce, saving costs. Quality sleep has been linked to better physical health, well-being, and productivity. Insufficient sleep increases the risk of health problems that contribute to lost work time and absenteeism. Additionally, sleep-deprived workers show reduced performance on the job which lowers work efficiency and increases mistakes and accidents. This may be especially important for Singapore which ranks among the top sleep-deprived countries in the world. The economic burden of insufficient sleep has been estimated to be about 1 per cent to 3 per cent of a country’s gross domestic product. This could mean that Singapore is losing about $10 billion per year due to a lack of sleep.Healthy sleep is also important for learning new skills. Our ability to pay attention, process information, and apply what we have learnt depends on the quality of sleep. This has important implications for Singapore’s efforts to upskill the workforce to adapt to industry changes and adoption of digital technologies. Despite the importance of good sleep for good work, work itself has often stood in the way of obtaining healthy sleep. Long work hours, long commute times, and early or late work shifts are common barriers to getting enough sleep. Why flexi-place work arrangements will benefit sleepFlexi-place work arrangements allow work to take place at home or other locations outside of a designated workplace, which can allow workers to sleep in longer when they do not have to commute, or do not need to commute as far."

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Everyone needs to take care of themselves. Hope you belong in the other half in this highly stressed society we belong in. "Nearly half of the workers in Singapore feel exhausted after a day at work, a recent survey by health technology provider Telus Health has shown.The survey, which polled 1,000 workers, points to the growing risk of burnout among workers and a need for greater mental health support, said the firm.The report, which was released on June 13, showed that 47 per cent of the workers in Singapore feel mentally or physically exhausted by their work.Exhaustion is one of the three main symptoms of burnout, which is also characterised by diminished performance and cynicism, said Telus Health’s director for Asia, Haider Amir.The study showed that two-thirds of the workers here have at least one of these three indicators of burnout, with those under the age of 40 being three times more likely to feel extremely burnt out than workers over 50.The same group was also nearly twice as likely as workers over 50 to find it difficult to be motivated to do their work.Workers said the top reason for burnout was having too much work – this was cited by 27 per cent of respondents.Other reasons include having too many personal demands (16 per cent), a lack of recognition (13 per cent) and worries about losing their jobs or lack of support for their work (9 per cent).The data was gathered from an online survey conducted in April, said Telus Health, adding that respondents were employed within the last six months and also representative of the population.The company releases such reports monthly, with each examining different aspects of work, such as culture and performance, in relation to health and productivity.Telus used the data to come up with its April iteration of its Mental Health Index, which looked at workers’ attributes including work productivity, anxiety, isolation, depression, optimism, psychological health and financial risk with relation to burnout and motivation to work.All mental health attributes, apart from anxiety and financial risk, declined from January 2024.Launched in 2022, the index measures the current mental health status of employed adults, and is meant to help businesses and governments to gauge the need for mental health support and predict risks to cost and productivity.While the mental health score of workers in Singapore has improved over the last two years, the average score still reflects a “highly stressed society”.Nearly half of the workers in Singapore feel exhausted after a day at work, a recent survey by health technology provider Telus Health has shown.The survey, which polled 1,000 workers, points to the growing risk of burnout among workers and a need for greater mental health support, said the firm.The report, which was released on June 13, showed that 47 per cent of the workers in Singapore feel mentally or physically exhausted by their work."

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