Global News Briefs provide information on compensation and benefit issues from around the world that are important to your organization.
Year: Month: All
The new 2011-2013 budget increased the de facto retirement age by up to 12 months starting in 2011, and that measure was finally approved by the Italian Parliament in late July. Although the minimum age for retirement will remain at 65 for men and 60 for women, the transfer of benefits will now be delayed by up to a year, thus effectively postponing retirement for all those who meet the requirements. September 2010
The Civil Partnership and Certain Rights and Obligations of Cohabitants Act, a significant piece of legislation that recognizes the rights of same-sex couples and cohabitants, was recently passed through the Oireachtas. It will come into effect when the appropriate public arrangements have been made, and following changes in the tax codes and social welfare legislation. There are no indications yet of a likely time frame, but it is unlikely to become effective before January 1, 2011. September 2010
The Netherlands is set to join other countries in Europe offering a pan-European pension arrangement. Legislation allowing the creation of premium pension institutions (PPIs) — essentially defined contribution plans for multinational companies or domestic employers — has been passed by the Dutch Lower House and is due to be ratified by the Upper House later in the year. It will become effective January 1, 2011. August 2010
The U.K. Pensions Regulator has issued a contribution notice ordering a Belgian company to pay £5 million into a U.K. pension plan. August 2010
A bill that extends paternity leave benefits for both childbirth and adoption and another that recognizes same-sex marriages have been approved by the Argentinean Senate. Paternity leave will be extended from the current three days to five, with the benefit extended for both parents in the case of adoption. In addition, marriages between same-sex couples are now to be recognized as equal to those between opposite-sex couples. The expression “man and woman” has been replaced with “couple” in the Civil Code, ensuring equality under the marriage statutes. August 2010
In July 2010, a law (law 29.561) was passed requiring private health insurers (EPSs) to provide workers with coverage for preexisting conditions despite their having switched health plans or employers. In Peru, more than one million workers are covered by EPSs. August 2010
Under measures contained in the Equality Act 2010, employers will no longer be allowed to stop employees from disclosing their pay to each other and will be encouraged to report on the gender pay gaps in their organization. The Act, passed on April 8, 2010, brings race, disability, sex and other grounds for discrimination into a single piece of legislation, with the aim of rationalizing and streamlining the law. The main provisions are expected to come into effect starting October 2010. August 2010
The European Commission (EC) has published a consultation paper -- “Towards Adequate, Sustainable and Safe European Pension Systems” -- that is likely to have a significant impact on pensions throughout Europe. August 2010
The bill to implement the federal government’s Paid Parental Leave (PPL) Scheme received Royal Assent on July 14, 2010. A brief summary and employer obligations follow. August 2010
On January 1, 2011, a new government pension system will replace the current system. As in many European countries, the main driver for the reform is to help the government deal with increasing longevity and rising pension fund costs. August 2010
The government’s recently announced change in the inflation index used for benefit calculations will have an impact on both social security and employer-provided pension plans. July 2010
On June 25, the President signed the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 into law. The act restores cuts in Medicare reimbursements to doctors and makes available relief for pension plan funding for years through 2011 and certain benefit restrictions for 2010. July 2010
On July 14, the Departments of Health and Human Services, Labor and Treasury (IRS) issued interim final regulations on certain preventive services that group health plans and insurers are required to cover under the PPACA. Plan sponsors that want to learn more about the regulations and how to access the lists of preventive services that are covered should read Towers Watson’s analysis. July 2010
On June 16, 2010, the French government issued a press release detailing its plan for reforming the retirement system, aimed at achieving financial equilibrium by 2018. July 2010
On June 25, the Greek government approved pension reform to increase the minimum number of years worked that are required for retirement, modify pension benefit calculations, increase disincentives for early retirement and cut pension benefits and bonuses. July 2010
A draft of a new pension bill that the Egyptian government submitted to Parliament on June 9, 2010 proposes a gradual increase in retirement age from 60 to 65, effective beginning in January 2012. July 2010
In June, the Internal Revenue Service (IRS) and the Departments of Labor (DoL) and Health and Human Services (HHS) released two sets of interim regulations addressing various issues under the Patient Protection and Affordable Care Act (PPACA). July 2010
The government has increased the ceiling on the gratuity benefit from INR350,000 to INR1,000,000. The change, which was effective May 24, 2010, is likely to lead to increased costs for many employers, particularly because it also applies to benefits already accrued with the current employer. June 2010
Earlier this year, the government published regulations intended to ease the financial burden under the existing requirements for a cash injection to an underfunded pension plan in the event of restructuring within a group of companies. However, there are strict and complex restrictions. June 2010
A survey conducted by Towers Watson in May 2010 provided an early temperature check on employer reactions to the Patient Protection and Affordable Care Act (PPACA), the health care reform legislation recently enacted in the U.S. June 2010
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