Welcome to the Gemini Personnel Newsletter for Q4 2024.

This newsletter is slightly delayed due to the Christmas break, but we trust everyone had a lovely Christmas and from all of us here at Gemini Personnel we would like to wish everyone a happy and successful 2025! In this Newsletter you find informative articles on:

• Thailand’s Economic Outlook 2024-2025: Implications for Human Capital and Recruitment
• Observations on the Hong Kong and Singapore Labour Market 2024-2025
• Work permit and social security changes for foreign workers in China
• How to optimise Mental health at work

as well as Salary Surveys from Hong Kong SAR, Mainland China, Thailand and Singapore. These surveys cover industries across the spectrum including Banking and Finance, Legal, IT, Manufacturing, FMCG and Healthcare.

2024 was a challenging year for some sectors and uncertainly still persists moving into 2025, particularly around trade policies to come out of the US and how these will affect the region. However, there are positive economic indicators including a continuation of the softening of inflationary pressures we have seen post-covid and steady growth projections throughout the Asia region.

So, as we enter 2025, Gemini Personnel will continue to deliver results for our clients and remains as one of Asias largest Recruitment companies with offices in Hong Kong, Thailand, Singapore, Vietnam and multiple locations throughout Mainland China.Gemini, your trusted partner in times of change.

The final quarter of the year saw a positive rebound in global and Asian economic sentiment led by 3 major events: interest rate reductions led by the Fed, Mainland China’s stimulus package and the results of the US elections that led to financial markets picking up, particularly seen in the markets for Bitcoin and digital assets.

The geopolitical climate between US-China remains and continues to dampen US companies’ growth activities in Hong Kong/China generally, while the strength of Chinese companies continues to push ahead into global expansion as seen by rapid setting up of branches and subsidiaries outside of China, particularly in low cost/high efficiency economies such as Thailand.

The highest demand for hiring is seen in the Information Technology (IT), Finance (wealth management & family offices) and Real Estate sectors.  A prudent approach remains with companies still taking longer to ensure they make the right hiring decisions throughout all industries as spending remain scarce.

Candidates are still facing heightened competition in the job market in Q4, and salary increments have not been seen generally across the market, with many major banking/finance and legal employers still freezing headcount. In Hong Kong and China, the shift of dominance from banking/finance/legal to manufacturing and trading companies remains a trend.

The market landscape shows there are companies and industries that have prevailed and are charging ahead with growth in niche market segments that they have managed to capitalise on through post-Covid times.  We work closely with these companies to ensure that they are able to prudently expand their operations while remaining cautious bearing in mind of the overall uncertain economic outlook ahead.

Outplacements and temporary/contractual work are more prevalent in this tightening employment market and at Gemini, we are working closely with our clients to explore opportunities to provide creative employment solutions that are cost savvy and provides increased flexibility to adapt to an uncertain economic outlook ahead.

Gemini, your trusted partner in times of change.