Lockton Global
Compliance News

Month: November 2023

Singapore

Singapore to Increase Paid Paternity and Unpaid Infant Care Leave

In its Budget 2023-2024, the government of Singapore introduced several parental benefit enhancements that aim to improve work-life balance for parents of children who are Singapore citizens. These changes include increasing the duration of unpaid infant care leave from six days to 12 and the period of paternity leave reimbursable by the government from two weeks to four weeks. Both changes apply to births or adoptions from 1 January 2024, but the extension of the length of paternity leave reimbursable by the government does not currently include a requirement that employers grant additional paternity leave.

South Africa

South Africa Proposing a Two-Pot Retirement System

The South African government has recently released draft legislation that would divide occupational retirement contributions into two pots, making one-third of the funds accessible prior to retirement and the remaining two-thirds available only at retirement or death.

The new system, known as the “two-pot” system is expected to come into effect on 1 March 2024, at the earliest—the government has proposed an implementation delay that would move all implementation dates from 2024 to 2025, but it remains to be seen whether Parliament will adopt the postponement.

Mexico

Mexico Proposes Workweek Reduction and Increase to Christmas Bonus and Seniority Premium

The Mexican government introduced draft bills that would reduce the statutory maximum workweek to 40 hours over five days, double the statutory annual Christmas bonus, and increase the seniority premium payable on termination.

The proposed changes, which would amend the Federal Labor Law, are still under discussion by the Mexican Congress. If passed, the reform would enter into effect on 1 January 2024.