Retirement

UAE

UAE DIFC mandatory retirement plan final guidance

Update: Final guidance has been issued by the DIFC, a special economic zone in Dubai, on the implementation of the new DIFC Employee Workplace Savings plan (DEWS), which replaces the current end-of-service gratuity payment plan for expatriate employees. The plan, […]

Korea

South Korea to implement universal corporate pension system (Update)

The Korean government introduced a bill mandating all companies established in South Korea contribute to a compulsory corporate pension plan, which can include defined contribution, defined benefit and individual retirement pension plans. The proposed bill was introduced on 11 June […]

Bermuda

Bermuda amends national pension scheme

On 30 December 2019, Bermuda government passed the National Pension Scheme (Occupational Pensions) Amendment Act 2019 (NPS), which enhances the registration and maintenance of occupational pension plans and introduces new provisions related to foreign workers to ensure that local Bermudians […]

Australia

Australia ends salary sacrifice superannuation loophole

On 28 October 2019, the Australian parliament approved new legislation intended to end the current loophole that allows employers to use their employees’ salary sacrifice contributions to reduce their minimum compulsory Superannuation Guarantee (SG) contributions. The bill entered into effect […]

South Korea

South Korea to implement universal corporate pension system

The Korean government passed a bill mandating all companies established in South Korea contribute to a compulsory corporate pension plan, including defined contribution, defined benefit and individual retirement pension plans. The new law is expected to enter into force in […]

Brazil

Brazil to implement a national pension reform

On 23 October 2019, the Brazilian Senate approved the final constitutional amendment of a pension reform which would: Increase workers’ pension contributions rates and requirements Create a minimum retirement age Introduce a new mechanism for benefits calculation While most provisions […]

Nigeria introduces new voluntary pension contribution guidelines

Currently, employers and employees in companies with at least three employees are mandated to contribute a combined 18 percent of pay to a Retirement Savings Account (10 percent and 8 percent, respectively). The Nigerian Pension Reform Act of 2014 introduced […]

Georgia introduces new pension plan

A mandatory pension plan referred to as the “Accumulated Pension System” (APS), was introduced on 1 January 2019, for workers under age 40. Previously, pension plans for those living in Georgia and reaching retirement age were limited to a public […]