New hiring at banks has been reduced by half

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 👀 Today’s Email about:

• New hiring at banks has been reduced by half.

• Did actor Mun Ka-young donate $75,000 from her book royalties?

• A deepfake map created by a middle school student goes viral across the nation.

NEWS 📰

New hiring at banks has been reduced by half

In the first half of 2024, South Korea's four largest banks—KB Kookmin, Shinhan, Hana, and Woori—significantly reduced their hiring, employing nearly half as many new workers compared to the same period in 2023. They collectively hired only 530 entry-level employees, down 45.1% from the 963 they brought on board last year. This reduction has sparked concerns about the bank's commitment to its social responsibility, especially as it posted a record interest income of 16.65 trillion won ($12.47 billion) in the year's first half.

The Citizens' Coalition for Economic Justice (CCEJ) criticized the banks, arguing that they are neglecting their role in providing job opportunities for young people, even as youth unemployment remains a significant issue in the country. The CCEJ also pointed out that the banks' massive profits, driven by high interest rates, should have translated into more job creation, not less.

Industry insiders attribute the decline in hiring to several factors, including the accelerated shift to digital banking, which has led to the closure of many retail branches. This shift has increased demand for IT engineers, a group less interested in working for traditional banks due to their conservative corporate cultures. Additionally, fewer experienced employees in their 40s and 50s opted for voluntary retirement recently, adding to cost burdens and reducing the need for new hires.

Looking ahead, the hiring outlook for the second half of 2024 remains bleak, with Woori Bank, for example, planning to reduce its new hires from 250 last year to just 210 this year. Overall, the number of new employees across the four banks is expected to drop from 530 in 2023 to 390 in 2024.

A deepfake map created by a middle school student goes viral across the nation.

Reports of deepfake sex crimes are raising alarm across South Korea, particularly after the emergence of a "deepfake map" that shows the locations of middle and high schools, as well as universities, allegedly affected by such crimes. The map, which quickly went viral, lists over 500 schools and has been visited by more than 3 million users. However, the site has been temporarily inaccessible since Friday due to the high traffic and potential DDoS attacks.

The creator of the map, a high school freshman, said he was inspired by a COVID-19 infection tracking map and motivated by a recent incident at his school, where several students were victimized. The map, which took him only two hours to create, aims to raise awareness of the growing problem of deepfake crimes. Despite receiving numerous reports through emails and social media, the map creator acknowledges the difficulty in verifying actual damage at the reported schools.

Data from the police reveals a disturbing trend: six out of 10 victims of deepfake sex crimes over the past three years were minors. Between 2021 and 2023, 59.8% of the 527 reported victims were teenagers, a significantly higher proportion compared to other age groups. The number of minor victims tripled from 53 in 2021 to 181 in 2023. Meanwhile, the proportion of teenagers among suspects charged with deepfake crimes has also increased, reaching 75.8% in 2023.

Despite the increasing prevalence of these crimes among teenagers, government measures have been inadequate, focusing more on post-crime punishment rather than preventive education. The arrest rate for deepfake crimes has hovered around 50% over the past three years, with the police now pushing to upgrade their deepfake detection software and initiate undercover investigations to improve arrest rates. The detection software, developed in March, can determine the authenticity of deepfake content within 10 minutes with an 80% success rate.

ENTERTAINMENT 🌄

Did actor Mun Ka-young donate $75,000 from her book royalties?

Actor Mun Ka-young recently made headlines for her generous donation of 100 million won (approximately $75,000) to Ewha Womans University Medical Center. This donation was particularly notable as it came from the earnings of her first essay collection, PATA, published in March.

Given the ongoing slump in the publishing market, many questioned whether such earnings were feasible. However, industry experts explained that this amount is achievable, especially for a popular figure like Mun. Authors typically receive 10% of a book's cover price as royalties, and with PATA priced at 22,000 won, Mun would earn 2,200 won per book. Selling around 45,500 copies would generate the 100 million won she donated.

PATA garnered significant attention, entering a second print run just a day after pre-orders began. It debuted at number four on Kyobo Bookstore’s bestseller list and has even secured rights deals for release in Taiwan and Indonesia.

Mun Ka-young's success highlights the significant impact a well-known author can have in the publishing world, contrasting sharply with the challenges faced by lesser-known writers. Her influence as a "book lover" is also evident in how her recommendations have boosted sales of other books, such as Somerset Maugham's The Razor's Edge. Mun's actions show the positive influence celebrities can have, not just in entertainment but also in promoting literature and philanthropy.

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