Lockton Global
Compliance News

Year: 2023

Slovakia

Slovakia reforms its pension system

The Slovak government recently introduced a reform to its pension system to increase retirement savings and benefits. The reform introduces several amendments to the first pillar of the retirement program, including the introduction of a new parental pension supplement, elimination of the normal retirement age cap, and the possibility of early retirement. The reform also introduces several changes to the second pillar of the retirement program, including the automatic enrollment of first-time workers under the age of 40 and a change in the default investment option. The changes are effective 1 January 2023.

Canada

Canada introduced a new federal holiday [updated]

The Canadian government approved Bill C-5 introducing a new federal holiday called the National Day for Truth and Reconciliation to commemorate the victims and survivors of the indigenous residential schools. The new federal holiday is observed on 30 September each year, with the first being 30 September 2021.

China

China launches a new voluntary private pension scheme

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.

Malaysia

Malaysia to expand family leave entitlements [Updated]

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.