The Irish government’s decision to reverse the increase in the state pension age from 66 to 67, effective 1 January 2021, has firmly put the topic of retirement planning back on the agenda. The Irish government had come under pressure […]
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, […]
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 […]
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 […]
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 […]
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 […]
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. Click here […]
The government of Hong Kong passed a law increasing the maximum tax-deductible limit for voluntary contributions to Mandatory Provident Funds (MPF). The tax-deductible limit was raised from HKD 36,000 to HKD 60,000 per year per person. This legislation, the Inland […]
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 […]
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 […]