|
Issue 2, 2010
Benefits Legislation – Opportunities and Advice
| Pension reforms in Asia |
For multinationals operating across Asia Pacific, it is important for human resource and finance professionals to have an in-depth understanding of the pension-related legislative changes in each market in which they operate, and understand the long-term business and financial implications. Mercer's consultants have reviewed the pension changes taking place in Japan, South Korea and Hong Kong, highlighting the key issues multinationals should consider.
Read this article
|
| Securing Australia’s retirement income system |
Tim Jenkins, Retirement, Risk & Finance Leader, Asia Pacific, examines the adequacy and sustainability of Australia's retirement income system in the wake of the global financial crisis and an aging population. In this article, which is a synopsis of the recent Mercer report, Securing Retirement Incomes: Risks and Opportunities for Australia's Retirement Income System, the author offers suggestions that will help ensure a secure retirement income system, noting that the Australian public, the superannuation industry and the government are all ready for reform.
Read this article
Mercer's review of the Australian 2010 Federal Budget: Implications for employers, employees and superannuation funds
Announced on 11 May, Australia’s 2010 Federal Budget included a greater focus on promoting health, building skills and savings. This has a number of implications for employers, employees and superannuation funds.
|
| Health reform and the strategic role of the employer |
Countries throughout the world now recognize they are faced with a rapidly aging population, and as such health care reform has emerged as a key and pressing issue. Much attention has already been focused on the reform of government health care systems in the US and China, where extending coverage not only comes up against increasing costs and effective distribution, but also long lead-in time it takes for additional resources and staff to become available. A recent report produced by the World Economic Forum, in collaboration with Mercer and the Organization for Economic Co-operation and Development, outlines the opportunities and collaborative strategies that will lead to more sustainable financing for health care.
Read this article
Webcast: US Health Reform: What does it mean for multinationals with US operations?
Tuesday, 20 July: 11:00am – Singapore, Shanghai; 1:00pm Melbourne, Sydney
Register now
|
| Worldwide Benefit & Employment Guidelines |
To design effective employment and benefits guidelines for your employees, you need quick access to current, reliable information on worldwide employment conditions, statutory employee benefits and typical employer benefit practices. Because the laws and regulations governing these benefits change constantly, tracking such information can be time consuming and expensive. Understand worldwide benefits and employment guidelines with Mercer’s Worldwide Benefit & Employment Guidelines: the authoritative reference and source for employment conditions, statutory benefits and typical benefit packages. The report covers:
- What benefits employers typically provide in different countries
- How they compare with those offered by employers in other countries
- How statutory sickness benefits vary from one region to another
The 2010 edition of Worldwide Benefit & Employment Guidelines is due for release late July.
Download sample report
|
Success Stories
American Express' Healthy Living is a global health care program the company has undertaken to improve the health of the organization's employees and their families. In India, the program has generated huge momentum through the introduction of new tools, benefits and resources to engage employees in their health and wellness. The first year results were outstanding. Read the Amex story
Innovations
Benefit Plans around the World
Mercer’s Introduction to Benefit Plans Around the World: A Guide for Multinational Employers contains a wealth of information on retirement and health and benefit plans collected by 150 senior Mercer benefits professionals in more than 47 countries around the world. The report is available to multinational clients and prospects free of charge. Click here to download a sample 8-country report or request the full report.Find out what the market is doing
Benefits Review
Companies are often concerned about the consistency of their benefits policies across multiple geographies, however benefits harmonization can be complicated as both statutory requirements and market practices must be considered. Taking annual leave as an example, Mercer’s 2009 Benefits Survey revealed employees in Singapore typically receive at least seven days of annual leave above the statutory requirement, whereas in India most companies simply provide the statutory minimum of 21 days leave. Employees in Singapore would have to work for at least 10 years in order to receive the same leave entitlement as in India. So how does your company stay competitive while ensuring you comply with both legislation and market practices? Mercer BenefitsMonitorTM Asia Pacific is an interactive tool that provides companies with insights into employee benefits in 17 countries across the region. Learn more
News
-
Australia: Australian doctors sidelined in hospital reform
"Local clinicians may be locked out of running the hospitals where they work because of a political compromise which doctors say undermines a key element of federal health reform."
(The Sydney Morning Herald, 4 Jun 2010)
Article
-
China: Affordable medicines top China's agenda
"President Hu Jintao has called for more efforts to establish a national system of essential medicines to offer affordable and safe medicines for all people."
Article
-
India: Govt voices concern over deals in India pharma sector
"Concerned by the trend of pharmaceutical multinationals acquiring Indian drug majors, the Health Minister, Mr. Ghulam Nabi Azad, has called for a meeting with Indian drug companies to find out the impact of such deals on the availability of cheap drugs."
(Business Line (the Hindu), 28 May 2010)
Article
-
India: Indian hospitals to prescribe only generics
"In a move that will help bring down health care costs, the Union Health Ministry has directed central government-run hospitals to prescribe only generic drugs from now on."
(Indian Express, 10 May 2010)
Article
-
Japan: Court rejects gender-based disability pay
"A man who sustained severe burns to his face at work should be given the same level of compensation as a woman would, a court ruled Thursday, recognizing the state's criteria for such redress as sexually biased..."
(Japan Today, 28 May 2010)
Article
-
Korea: Doctors group agrees to revised kickback law
"The Korean Medical Association has decided to accept a revised law that punishes doctors for shady deals with drug makers. In Korea, doctors have been immune from punishment even when they receive kickbacks from drug companies..."
(The Korea Herald, 5 May 2010)
Article
-
Korea: South Korea to start u-health pilot project
"South Korea plans to invest 52.1 billion won (US$46 million) to start the world's largest 'ubiquitous health' pilot project in October aimed at providing quality medical services to a large number of people..."
(Yonhap English News, 11 May 2010)
Article
-
Malaysia: Destination Malaysia for health care
"...Malaysia is now gearing up to woo patients ... after Singapore allowed its residents to use their Medisave to pay for health care in Malaysia. They can do so at 12 hospitals owned by two Singapore companies."
Article
-
Thailand: Life insurance up thanks to unrest
"...Amidst declining business in wake of red-shirt protests and riots in late May, the life insurance industry has begun to boom."
Article
-
Vietnam: Vietnam's hospitals to receive upgrade
"Hospitals and patients in Ho Chi Minh City and surrounding provinces will soon benefit from a multi-million dollar project aimed at improving institutional infrastructure and health examination quality."
(VietInvest, 6 May 2010)
Article
Market Updates
-
Australia: Health changes in Australia's budget
The Australian government announced A$7.3 billion in funding for the National Health and Hospitals Network, and A$467 million for a national electronic health record system. Mercer Australia sees the changes as positive for the country's health system.
(Select News, 25 May 2010)
Article
-
Bangladesh & Sri Lanka: Benefits reports available soon
Companies operating in Sri Lanka and Bangladesh need a strong understanding of statutory requirements, market conditions and benefits policies in order to succeed. Mercer recognizes the special need for more extensive information on these newly developing markets and will soon release benefits reports for these locations. These reports will provide you with a market overview, a summary of the legislative situation as well as market trends.
Learn more
-
India: Health plans to cover overseas care
"Medical care at overseas hospitals could well be within your reach with a number of health insurance providers planning to launch a premium health cover shortly."
Article
-
India: Health premiums expected to stabilize
"...Corporate health insurance, a bleeding segment for Indian insurers, is expected stabilize over a period of four to five years with premiums being rationalized."
Article
-
India: Pension schemes to carry health cover too
"Retail investors of unit-linked pension plans are set to enjoy the benefit of health cover with pension schemes as the insurance regulator plans to unveil a new set of rules giving more flexibility to insurers."
Article
-
India: Health benefits challenge employers in India
Providing health benefits to India's large and changing population is a challenge for employers. Mercer’s Sudip Mukhopadhyay discusses the issues and how companies are addressing them.
(HRadio, 13 May 2010)
Listen
-
India: Indian health insurers introduce co-payments
"Faced with the challenge of trimming losses in their health portfolio, particularly in the group mediclaim segment, several health insurers have introduced the co-payment clause..."
Article
- India: Market pulse survey on benefits and changes to Fringe Benefit Tax
Under the new Fringe Benefit Tax regulation, the payment of tax on any contribution, beyond Rs100,000 per annum shifts from the employer to the employee. Based on findings from a snapshot survey Mercer conducted in April, 79% of companies will not compensate employees for the additional tax or take any other action.
View survey findings
Legislative Updates
- Australia: Australians get paid parental leave
"Australia has become one of the last advanced economies to introduce a paid parental leave scheme after Parliament passed historic legislation giving mums or dads four months of financial support to spend time with their newborns."
(Canberra Times, 18 Jun 2010)
Article
- China: China to ban smoking in workplaces by 2011
China's Ministry of Health has said that smoking will be banned in all workplaces as of January 2011. A no-smoking campaign is being implemented, and the Ministry will also coordinate with lawmakers to push for anti-smoking legislation.
(China CSR, 14 May 2010)
Article
- China: China to train more GPs in health care reform
"Vice Premier Li Keqiang told the health care authorities to train more general practitioners for the expansion of basic health care coverage and improvement of grassroots medical services..."
(Xinhua News Agency, 23 May 2010)
Article
- India: Impact of ESI Act Amendment on organizations
The rise in the salary cap for the inclusion of employees from Rs10,000 per month to Rs15,000 per month under the ESI Act translates into an increase in the percentage of workforce being covered under the Act. To deal with the change, the most common step is to cover the impacted employees under ESI in addition to providing supplementary medical benefit.
Understand what the market is doing
- Japan: Call for smoking ban in Japanese workplaces
"A government panel is calling for the government to consider whether to require businesses to impose a total ban on smoking in workplaces or install smoking rooms, officials familiar with the panel's discussions said Wednesday."
(Japan Today, 27 May 2010)
Article
- New Zealand: Parental leave payment increases
New Zealand's Minister of Labor has announced an increase in the weekly maximum parental leave payment from NZ$429.74 to NZ$441.62. Eligible parents are entitled to up to 14 weeks paid leave calculated on the basis of their average weekly earnings.
(Scoop, 2 Jun 2010)
Article
- Philippines: Universal health care strategy for the Philippines
"...We are optimistic that the Aquino government will implement within the next six years a universal health care strategy. Such strategy will address the health inequality, poor basic health services, fragmentation, and under spending in health care."
(BusinessWorld, 14 Jun 2010)
Article
- Taiwan: Taiwan proposes national health changes for 2012
Taiwan's Executive Yuan has approved a proposal for a second-generation national health insurance system, which the government hopes will go into effect in 2012. The proposal will now be sent to the Legislative Yuan for deliberation.
(Taipei Times, 9 Apr 2010)
Article
Events & Webcasts
Global Benefits Governance: Survey Results and Implications – Asia Pacific
The global financial crisis highlighted the need to understand and proactively manage benefit plan risk. This 60-minute webcast recording discusses how an effective governance framework facilitates the management of key risks and provides the basis on which decisions are made to ensure the achievement of organizational goals. The presentation features Mercer insights, as well as the experience of over 100 multinational organizations who contributed information about their global governance structures.
Download
|
Delicious
Digg
Facebook
LinkedIn
Reddit
Twitter
|
Terms of use | Privacy |
Help | Site map | Mercer's Client Extranet