FSB issues 3rd progress report on pay principles

Financial institutions' implementation of the Financial Stability Board's global pay principles has moved forward, a recent progress report finds, but cross-border differences continue to raise competitive concerns for companies and regulators. (Select News, 12 Jul 2012)  More

Labor hire law contested

Namibia's Labour Amendment Act, 2012, which gives casual workers essentially the same rights as permanent staff, is set to take effect 1 Aug 2012, but an employer group steering committee has launched a last-minute push for postponement and revision. (Select News, 16 Jul 2012)  More

Consultation on tax measures

South Africa's Treasury has asked for input on tax proposals that would affect the tax regimes for certain retirement benefits and variable pay. The consultation closes on 31 Jul 2012. (Select News, 17 Jul 2012)  More

Labor reform bills advance

A proposal to require South Africa’s employers to disclose job openings to government centers is under review by the National Economic Development and Labour Council. Employers fear the requirement would create an administrative burden. (Select News, 12 Jul 2012)  More

Workplace equality bill

Australian workplace gender equality legislation has passed the House and advanced in the Senate. The bill would require companies with 100 or more workers to issue annual progress reports on gender equality indicators. (Select News, 16 Jul 2012)  More

Consultation on health insurance FBT ruling

The Australian Tax Office has endorsed a ruling that an employer's payments for private health insurance premiums did not qualify as work-related care exempt from fringe benefits tax. The ATO invites input through 9 Sep 2012 on stakeholder concerns. (Select News, 16 Jul 2012)  More

Communist Party's role in private firms

The Chinese Communist Party issued a notice to local governments and party committees on the role the party should have in private firms. Companies are not required to comply with the specifics but have been told to be hospitable toward party organizations. (Select News, 16 Jul 2012)  More

PFRDA guidelines for pension fund managers

India's new pension fund manager (PFM) guidelines offer greater flexibility in the hope of reinvigorating the New Pension Scheme (NPS). Under the guidelines, PFMs can set their own fees and the cap on the number of PFMs is eliminated. (Select News, 16 Jul 2012)  More

New entrants barred from group pension schemes

India's group pension schemes may no longer accept new members, according to guidance from the Insurance Regulatory and Development Authority. These schemes have allowed senior management to shelter up to 15% of salary from personal income tax. (Select News, 16 Jul 2012)  More

Subsistence wage redefined

Indonesia's Manpower and Transmigration Ministry has revised the subsistence income guidelines used to determine the minimum wage. From 1 Jan 2013, the 46 components that local officials price to determine provincial minimum wage will rise to 60. (Select News, 16 Jul 2012)  More

Flexible retirement, job market reform proposals

A government report in Japan calls for abolishing the retirement age system and replacing it with subsidies for retirement as early as age 40. Another proposal would effectively end permanent employment by setting term limits on employment contracts. (Select News, 17 Jul 2012)  More

New disabled worker quota formula proposed

Japan's Ministry of Health, Labour and Welfare is reportedly planning to raise the hiring quota for disabled workers. The required 1:56 ratio for companies with at least 112 workers would switch to a 1:50 ratio for companies with 50 or more workers. (Select News, 13 Jul 2012)  More

NZ firms to disclose D&O gender diversity

Annual reports of New Zealand listed firms must disclose the gender breakdown of their directors and officers, under a new rule from the country's stock exchange. The rule will take effect for firms with a balance date on or after 31 Dec 2012. (Select News, 11 Jul 2012)  More

Parental leave measures

Parental leave bills before the Philippines Congress would double maternity leave benefits, allow an optional 60-day supplement to maternity leave and end the four-time limit on seven-day paternity leave. (Select News, 12 Jul 2012)  More

Tighter restrictions on foreign worker families

Singapore will impose stricter rules on foreign workers sponsoring family members starting 1 Sep 2012. The salary threshold for S Pass and Employment Pass holders will rise and certain workers may not sponsor parents or in-laws. (Select News, 16 Jul 2012)  More

New permit processing standards

Taiwan's permit application process for foreign white-collar workers with less than two years' experience will be cut from two months to two weeks. Businesses had expressed concern that the government made it difficult to hire foreign professionals. (Select News, 17 Jul 2012)  More

Heat wave leave ruled out

After considering whether adequate safeguards were in place for outdoor workers during the current heat wave, Taiwan concluded that publicizing existing rules – including mandatory breaks of up to 45 minutes per hour – would be sufficient. (Select News, 16 Jul 2012)  More

Guernsey tax regime amendments

Proposed pension law changes in Guernsey are aimed at restoring the states' QROPS (qualifying recognised overseas pension schemes) sector, the treasury minister announced. If adopted, they would be retroactive to 27 Jun 2012. (Select News, 17 Jul 2012)  More

Final vote set for second pillar reform

The final major bill in the Czech administration's pension reform program would allow people to transfer 3% of their social insurance contribution into individual accounts, provided they have made another 2% contribution from their own funds. (Select News, 17 Jul 2012)  More

Priorities of Cyprus presidency

Cyprus has set out policy objectives for its six-month presidency of the Council of the European Union. Priorities include moving forward legislative proposals on maternity leave, posting of workers and electromagnetic fields. (Select News, 17 Jul 2012)  More

Cut in pension contribution rate debated

Germany's state pension contribution rate will be lowered in 2013 for the second year in a row. Critics, including some state governments, say the cut -- from 19.6% to 19.0% -- is shortsighted given an expected spike in the elder population. (Select News, 16 Jul 2012)  More

EU blue card applications start soon

Germany's minister of business and economics confirmed that Germany will be accepting EU blue card applications from 1 Aug 2012. Non-EU applicants must have a college degree and annual income of at least €44,800. (Select News, 17 Jul 2012)  More

Pension tax regime change in 2012-13 budget

Gibraltar's 2012-13 budget, presented 9 July, includes tax exemptions for occupational pensions, increases to the disability allowance and tax breaks for disabled workers, plus greater tax relief for medical insurance contributions. (Select News, 13 Jul 2012)  More

Labor code clarification

The press has run conflicting accounts of the status of Hungary's Labor Code. It has reportedly been gazetted and is being enforced as of July 1. (Select News, 16 Jul 2012)  More

Sick cert review, guidance

Ireland's minister for social protection is reportedly considering stripping some doctors of the right to sign sick leave certifications. Some businesses have complained that doctors are not following established guidance for authorizing sick leave. (Select News, 12 Jul 2012)  More

Employee PRSI responsibility for share schemes

Employers in Ireland are no longer responsible for withholding Pay Related Social Insurance (PRSI) from employees' exercise of gains from unapproved stock options. Instead, employees are responsible for making the payment directly as of 1 Jul 2012. (Select News, 17 Jul 2012)  More

State pension scheme merger contested

The merger of the Italian social security agency INPS with the heavily indebted civil servant pension fund, Inpdap, is under renewed scrutiny. Taking on the Inpdap deficit endangers the social security system, an INPS supervisory board said. (Select News, 16 Jul 2012)  More

Pension funding reform bill

The Dutch government is holding social partner consultations on draft pension reform legislation. It will include guidelines on employing an "ultimate forward rate" -- a discount rate alternative to make funding requirements less onerous. (Select News, 12 Jul 2012)  More

Retirement age hike advances

Netherlands' budget package featuring a retirement age hike has passed in the upper house of parliament. Employers' supplemental plans must be in compliance with maximum accrual rates that are related to a retirement age of 67 as of 1 Jan 2014. (Select News, 17 Jul 2012)  More

Tax regime for severance pay clarified

Russian Finance Ministry guidance clarifies taxation of termination pay. Dismissal compensation, including severance pay, is tax exempt up to three times a worker's average monthly salary (six times the monthly average for workers in Nordic areas (Select News, 16 Jul 2012)  More

Draft labor code revision

Slovakia's Labour Ministry will soon begin consultations on Labour Code amendments. They include plans to shorten time limits for fixed-term contracts, require employee approval for flexible work arrangements and cap annual overtime at 100 hours. (Select News, 17 Jul 2012)  More

Benefit, contribution cuts in new austerity package

The Spanish prime minister has proposed another austerity package with significant changes for statutory benefits, including the reduction of social security contribution and unemployment benefits. A social security reform package is in preparation. (Select News, 13 Jul 2012)  More

Date set for exec pay referendum

Switzerland's Federal Council will hold the executive pay referendum on 3 March 2013. Among other things, the proposal would allow shareholders and require pension funds to vote on board and top management remuneration each year. (Select News, 17 Jul 2012)  More

Severance benefit fund

Turkey's government is drafting legislation to establish a severance benefit fund, a prefunded end-of-service benefit. Payment would be triggered by retirement, death, disability, dismissal or voluntary resignation. (Select News, 13 Jul 2012)  More

Group lawsuit over QROPS delisting approved

UK investors who transferred their pensions to an erroneously listed QROPs scheme can take legal action against HM Revenue and Customs for the error. After de-listing the scheme, the department threatened a 55% tax on the pensions' transfer value. (Select News, 16 Jul 2012)  More

State pension reform delayed until autumn

In a written ministerial statement, the government confirmed that proposals for state pension reform will be delayed until autumn because of the "complexity" of the current system. (Select News, 16 Jul 2012)  More

Guidance on auto-enrol scheme certification

The UK Department for Work and Pensions has issued new and revised guidance to help employers and actuaries determine whether existing defined benefit and hybrid pension schemes qualify for auto-enrolment scheme certification. (Select News, 11 Jul 2012)  More

Small employers AE staging dates delayed

The UK's revised implementation proposals for auto-enrolment delay the staging dates for small employers to June 2015. Also, the transitional period for employer contributions to DC and personal pension schemes has been extended to 30 Sep 2017. (Select News, 17 Jul 2012)  More

CAPSA seeks input on draft DC guideline

CAPSA's draft Defined Contribution Pension Plans Guideline explains stakeholder rights and responsibilities, describes certain administrator communication obligations and clarifies what constitutes an adverse amendment. Comments are due Nov. 1. (Select News, 17 Jul 2012)  More

Changes to highly skilled visa program planned

US Senator Chuck Grassley lifted his hold on a bill that would eliminate the per country quota on green cards after an agreement was reached to add language to increase government oversight of employers bringing highly skilled workers into the US. (Select News, 17 Jul 2012)  More

Shareholder liability for social security contributions

A bill that would hold shareholders responsible for unpaid social security contributions and give new mothers working for large employers the right to nine months of reduced hours has been submitted to Ecuador's National Assembly for fast tracking. (Select News, 16 Jul 2012)  More

Personal income tax law

Senate approval has cleared the way for Paraguay's first personal income tax. If regulations are completed in time, the tax will come into force on 1 Aug 2012. It includes exemptions for various employee benefit contributions and payments. (Select News, 17 Jul 2012)  More