Global News Briefs - Towers Watson - Willis Towers Watson

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Updates on timely compensation and benefit issues around the world; delivers news as changes occur and aggregates the updates in a monthly newsletter
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- U.S.: IRS reverses course on retiree lump sums
  April 24, 2019
  
  Internal Revenue Service Notice 2019-18 indicates the IRS won’t amend the required minimum distribution regulations to generally prohibit retiree lump sum windows.
- Hong Kong: Tax deduction introduced for voluntary employee retirement contributions
  April 23, 2019
  
  A new tax deduction for voluntary employee contributions aims to encourage employees in Hong Kong to increase their retirement savings
- Spain: New law establishes gender pay reporting requirements and expands equality plan obligations
  April 19, 2019
  
  New legislation in Spain promotes workplace equality between men and women and will increase paternity leave to 16 weeks by 2021.
- Philippines: New legislation increases social security contributions and introduces unemployment insurance
  April 16, 2019
  
  The Philippines new Social Security Act aims to strengthen the system and provide benefits such as unemployment insurance.
- Netherlands: Extended adoption and paternity/partner leaves being phased in from 2019
  April 2, 2019
  
  Netherland’s Additional Birth Leave Act seeks to positively impact women’s opportunities in the labor market and prioritize bonding time for parents and newborns.
- United Kingdom: Shareholder distributions among issues covered by annual Pensions Regulator statement
  March 26, 2019
  
  U.K. plan sponsors should consider the annual Pensions Regulator statement expectations, particularly with regard to defined benefit funding.
- Czech Republic: Day 1 sick leave and reduced social security contributions coming in July
  March 19, 2019
  
  Effective July 1, 2019, Czech employers will be required to provide paid sick leave from the first day of absence rather than day four.
- Australia: Reforms aim to streamline and cut costs for private health insurance in 2019
  March 15, 2019
  
  The Australian government has enacted private health insurance reforms designed to simplify the system and make it more affordable for consumers.
- Nicaragua: Budget deficit prompts higher Social Security contributions, lower benefits
  March 7, 2019
  
  A 2018 budget deficit of 2.8 billion Nicaraguan cordobas (roughly $85 million USD) has prompted a significant increase in social security contribution rates.
- Canada: Major 2019 benefit changes to include Canada Labor Code amendments and pay equity legislation
  January 29, 2019
  
  Recent amendments to the Canada Labor Code introduce changes relevant to the design and administration of group benefits, time off and retirement programs.
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