The Latest Global News from Asia-PacificAs of July 1, 2008, all employers must provide superannuation support of at least 9 percent per employee’s “notional earnings base.” In addition, all superannuation funds must provide a minimum level of death insurance to members who have joined it by default. Although employers have been preparing to meet these requirements for some time, many are taking another look at their plans now that the deadline is drawing near.
[April 30, 2008] A pilot defined contribution retirement plan scheme for employees of state institutions is being launched in five provinces and municipalities. The plan was approved on February 29, 2008, by the Chinese State Council, and aims to narrow the gap between the benefits retired enterprise workers receive and those received by employees of state institutions. [March 19, 2008]
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