Retirement

Mexico

Mexico to reform social security pension system

The Mexican government and key private sector groups (employer and employee representatives) have reached an agreement to reform the AFORE (Admistradoras de Fondos para el Retiro) defined contribution system that would, among other things, increase employer retirement contributions and shorten […]

Netherlands

Netherlands releases pension reform framework

The Dutch government has reached an agreement on pension reform with the two most important unions in the Netherlands: FNV and CNV. The pension reform aims to change the structure of pension accrual in industry-wide pension funds. Key details For […]

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 […]