Social Insurance

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 […]

Mali

Mali to introduce universal health insurance

The government of Mali has introduced a bill for universal health insurance, known as Regime d’Assurance Maladie Universelle, or RAMU. RAMU aims to provide the entire Malian population with a single health insurance plan, in accordance with Article 17 of […]

South Korea to encourage online insurance exchange

Amendments are in progress to the Enforcement Decree of the Insurance Business Act and the Regulation on the Supervision of Insurance Business to capture and encourage online insurance exchange platforms, streamlining processes and reducing costs for individuals and groups seeking […]

Luxembourg extends supplementary pension reforms

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 […]

Vietnam foreign workers required to contribute to social security

Foreign workers employed in Vietnam for one year or more and for at least 15 days per month are subject to compulsory participation in social security effective 1 December 2018. Previously, employers were not required to enroll foreign employees. Employers […]

Chile debating future employer contribution in social security pension

The Chilean government is currently debating the introduction of employer contributions to the social security pension system. Currently, only employees contribute to the retirement and healthcare systems in Chile. The government is proposing the introduction of a 4 percent employer contribution rate […]

Kenya creates National Housing Development Fund

The Kenyan government passed the Finance Act, 2018 creating a national housing development fund to help employees earning up to KES 100,000 per month to finance the purchase of their first home via government sponsored housing plans. Starting from 1 […]

China to levy social insurance taxes

Starting 1 January 2019, social security contributions will be levied by the tax authorities rather than social insurance administrative authorities. This change is part of the government’s ongoing efforts to increase compliance with social insurance contribution requirements while standardizing, and in […]