On 25 November 2022, the Chinese government launched the pilot phase of a voluntary tax-favored private pension scheme under the third pillar of the country’s pension system. This new scheme aims to assist China in overcoming gaps in its current pension system as the country struggles with one of the most rapidly aging populations in the world, according to the World Health Organization.
The UK government recently announced an additional one-off public holiday on Monday, 8 May 2023, to mark the Coronation of His Majesty King Charles III, which will occur on Saturday, 6 May 2023.
The Mexican senate recently approved a bill doubling the minimum employer-paid vacation days from 6 to 12 days after one year of service for all employees in Mexico. The change entered into effect on 1 January 2023.
The Irish government recently approved a draft bill introducing a mandatory automatic enrollment of employees into a central government-run defined contribution pension fund.
If the bill passes, the auto-enrollment pension scheme will be effective in early 2024.
On 30 March 2022, the Malaysian Parliament passed the Employment Bill 2021 introducing several amendments to the Employment Act of 1955, including the extension of the maternity leave from 60 days to 98 days and the introduction of a seven-day employer-paid paternity leave. The new Bill entered into effect on 1 January 2023.