ASIA PACIFIC: On The Horizon - 2021 Hot Topics for Employer Retirement Provision
We know that it can be difficult to stay on top of the emerging legislative changes and trends impacting employer retirement provision across such a diverse region as Asia Pacific.
On The Horizon in 2021, with impact on employee benefits and retirement plans, we have our eye on the following legislative changes and trends across Asia Pacific:
- India – new labour reforms impacting wages and benefits
- Australia – stapling of super and Superannuation Guarantee increase
- Indonesia – new Omnibus Law
- China – setting up and monitoring of Defined Contribution (DC) plans
- South Korea – increased governance of Defined Benefit (DB) plans
- Cambodia – new private sector retirement provision planned
- Malaysia – contribution reliefs
- Philippines – increased prevalence of supplementary DC plans
- Vietnam – labour reforms and increase to retirement age
- Taiwan – new legislation increasing employer Defined Benefit (DB) burden
- Thailand – get ready for the new National Pension Fund which has now been approved
- Singapore – increased prevalence of supplementary DC plans (especially for foreigners) and retirement age increases
- Japan – closing DB plans and increased monitoring of DC plans
- Hong Kong – reviewing vendors and winding-up ORSO plans
- Responsible investing (ESG) – emerging focus on sustainable impacts
- Financial wellbeing – employer focus to support employees in Asia Pacific
The above listing is far from comprehensive and many of the above have near-term deadlines for employer compliance.
To support you, we have collated a fuller overview of key 2021 hot topics in the On The Horizon insights document covering 16 key markets across Asia Pacific. For each market, we have included a short system overview, plus a summary of the current 2021 employer focus areas and optimisation opportunities.
In addition, we offer retirement governance services (see page 22) to support employers to stay on track with managing ongoing regulatory changes and ensuring your plans remain competitive, risk managed, and well communicated to attract, retain and engage employees.
For more information, please click on the Download Report button.
Looking for more?
to contact Aon’s APAC Retirement & Investment team