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
Audience: Benefit, compensation, retirement and reward professionals

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- Oman: Plans for mandatory health insurance under development
  May 20, 2019
  
  Establishment of a standard basic healthcare plan could significantly reshape the market in Oman. Development of draft legislation is the next key step.
- Hong Kong: Tax-incentivized individual Voluntary Health Insurance Scheme launched
  May 16, 2019
  
  Under a new Voluntary Health Insurance Scheme, the Food and Health Bureau certifies hospital insurance plans that meet minimum coverage and feature requirements.
- Australia: Superannuation developments — Royal Commission misconduct findings and 2019 regulatory changes
  May 15, 2019
  
  Companies should review their superannuation vendors and institutions due to Royal Commission findings, and the potential impact on fees, premiums and coverage.
- Hong Kong: OECD’s Common Reporting Standards adopted for MPF and ORSO plans
  April 26, 2019
  
  An OECD reporting standard that details how income information is transmitted for tax purposes has been adopted in Hong Kong for MPF and ORSO retirement plans.
- India: Retirement developments enhance NPS tax break, reinstate employee/employer option to participate in EPS and include certain allowances in pay subject to EPF contributions
  April 26, 2019
  
  Recent Indian legislation and court rulings regarding the NPS and the EPS present retirement benefit planning opportunities for employees and employers.
- European Union: Regulation on a pan-European Personal Pension Product is approved
  April 26, 2019
  
  The European Parliament has approved a regulation on a pan-European Personal Pension Product (PEPP).
- France: New reimbursement requirements for employer health insurance aim to lower insureds’ expenses
  April 25, 2019
  
  France’s new three-year program, 100% Health, aims to reduce the current level of out-of-pocket spending required of insured persons.
- EU: Agreement reached on Work-Life Balance Directive
  April 24, 2019
  
  A new EU directive on work-life balance establishes rights to paternity, parental and carers' leave and encourages flexible work arrangements.
- 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.
- Italy: New and extended early retirement options under social security
  April 24, 2019
  
  To stimulate turnover in the labor market and reduce youth unemployment the Italian government is providing incentives for employers to encourage early retirements.
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