South Korea's government is giving tax benefits and other advantages to companies that keep or add jobs by "adjusting" wages and work hours. The government said this month a quarter of worksites with more than 100 workers had joined the campaign.

Thailand, Malaysia and Japan are taking similar steps.

"Many governments are recognising how severe job conditions are and have been taking measures to limit the damage. So I do not expect it to take 2-3 years for Asian economies to recover like (after the) Asian crisis," said Shunji Karikomi, a senior economist at Mizuho Research.

While work-sharing is most common in South Korea, it is becoming increasingly popular elsewhere in the region.

Hitachi Ltd, Japan's biggest industrial electronics group, and Cathay Pacific Airways Ltd are trying to keep jobs by asking staff to take unpaid leave.

Even in the hard-hit financial industry, Asia has lagged the pack.

Banks, funds and insurers have cut about 385,000 jobs since August 2007. Only one Asian firm makes the list of those that have made the deepest cuts -- Japan's Nomura with 1,530 jobs, which included 1,000 after its acquisition of Lehman Brothers units.

That pales in comparison with slated cuts of 75,000 at Citigroup and 45,500 at Bank of America.

LAGGING, LEADING

Unemployment is generally considered a lagging indicator.

Going into a economic downturn, activity and demand slows, sales fall and then workers are laid off. Coming out of a downturn, employers wait to see that the upturn is sustainable before making a commitment to hiring new staff.

... contd.