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South Africa Introduces a Two-Pot Retirement System

The South African parliament has recently passed legislation dividing occupational retirement contributions into two pots (referred to hereunder as components) making one-third of the funds accessible prior to retirement and the remaining two-thirds available only at retirement or death. The new system, known as the “two-pot” system, will come into effect on 1 September 2024.The South African parliament has recently passed legislation dividing occupational retirement contributions into two pots (referred to hereunder as components) making one-third of the funds accessible prior to retirement and the remaining two-thirds available only at retirement or death. The new system, known as the “two-pot” system, will come into effect on 1 September 2024.

Ireland extends parent’s leave

The Irish government is extending parent’s leave from seven weeks to nine weeks. The leave period is paid by Irish social insurance for qualifying employees. The Parent’s Leave and Benefit Act 2019 (Extension of Periods of Leave) Order 2024 will enter into effect on 1 August 2024.The Irish government is extending parent’s leave from seven weeks to nine weeks. The leave period is paid by Irish social insurance for qualifying employees. The Parent’s Leave and Benefit Act 2019 (Extension of Periods of Leave) Order 2024 will enter into effect on 1 August 2024.

PAGA reforms are mostly good news for California employers, but insurance impact is TBD

In 2004, California passed the Private Attorneys General Act (PAGA), which allowed employees to file lawsuits to recover civil penalties for state labor code violations. PAGA created new risks for employers, but also led to many insurers leaving the wage-and-hour marketplace. Recently enacted reforms scale back some of those risks, although it remains to be seen whether the new legislation will reinvigorate the wage-and-hour insurance market.In 2004, California passed the Private Attorneys General Act (PAGA), which allowed employees to file lawsuits to recover civil penalties for state labor code violations. PAGA created new risks for employers, but also led to many insurers leaving the wage-and-hour marketplace. Recently enacted reforms scale back some of those risks, although it remains to be seen whether the new legislation will reinvigorate the wage-and-hour insurance market.
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