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Over the past weeks, there has been some important news on the pension regime in Hong Kong that employers and employees should be mindful of. Abolition of the offsetting mechanism from 1 May 2025 As we noted in our last article, the Hong Kong Legislative Council haspassed legislation abolishing the MandatoryProvidentFund (‘MPF’)offsetting mechanism. At a Labour Day reception held on 28 April 2023, the Chief…
Belgium has introduced a state-supported temporary unemployment scheme for ‘energy intensive’ companies and other employment-related measures to help businesses and individuals facing the current energy crisis. Today a new law setting out temporary support measures in response to the energy crisis was published in the Belgian State Gazette. This law seeks to provide both citizens and organisations with various measures to face the current energy…
Major occupational pension reforms in Spain would facilitate access to employment-linked pension provision for low and middle-income workers, to be implemented through collective bargaining. On 23 November 2021, the Spanish Council of Ministers approved a preliminary draft law regulating occupational pension plans. The aim of the new legislation is to facilitate access to collective plans for low and middle-income workers and small and medium-sized enterprises,…
The political scene in the UK has inevitably been dominated in recent months by the vote narrowly in favour of “Brexit” in the referendum on EU membership last June and its associated political fallout. This led, among other things, to David Cameron’s resignation as prime minister and leader of the Conservative party and his replacement by Theresa May. One consequence of all this furore is…