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 […]
On 5 March 2019, the Minister of Manpower announced that a tripartite workgroup on older workers consisting of government, trade unions and employers have finally agreed that the retirement and re-employment ages should be raised beyond age 62 and age […]
On 1 January 2019, the General Association of Retirement Institutions for Executives (AGIRC) and the Association of Supplemental Pension Plans for Employees (ARRCO) merged into a single unified program called “AGRIC-ARRCO.” The unified mandatory supplementary plan is now managed by […]
The government of New Zealand introduced a tax omnibus bill that amends several tax acts to include some minor changes to the KiwiSaver regime. The changes aim to improve and modernize the administration of the tax system. The Taxation Bill […]
The government of Belgium passed a law introducing voluntary supplementary pensions for employees (VAPW). The new regulation gives employees the right to make payroll contributions to an individual supplementary pension plan with a provider of their choice if they do […]
As of 1 January 2019, pension coverage has been extended to the self-employed and liberal professions through new supplementary pension schemes. Article 8 of the new pension reform law has, since 21 August 2018, reduced the maximum period of employment […]
After a bull run that lasted 10 years, 2018 has seen most world equity markets finish with negative returns (expressed in Canadian dollars, except for the US market). However, global bonds and some alternative investments, such as global infrastructure and […]
Minimum contribution rates to occupational pension plans that are used to satisfy auto-enrollment requirements are set to increase on 6 April 2019. The minimum employer contribution will increase to 3 percent and the total minimum pension contribution will increase to […]
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