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Australia to support pay equity test case
The Australian government has reached an agreement with the Australian Services Union (ASU) to “support the conduct of a major test case on pay equity for community sector employees under the new Fair Work system” that begins 1 Jan 2010.
(Select News,
20 Nov 2009)
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RiskMetrics Group finalizes 2010 voting policies
RiskMetrics Group finalized its pay and governance voting policies for the 2010 proxy season, making few changes to specific executive compensation policies but integrating its policies on pay-for-performance, pay practices and board responsiveness.
(Select News,
20 Nov 2009)
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Swiss bank pay rules: compliance by 1 Jan 2011
Switzerland's FINMA has issued a circular on financial institutions’ remuneration systems, which must be complied with by 1 Jan 2011. It is consistent with FSB standards and will only be mandatory for the largest banks and insurance providers.
(Select News,
20 Nov 2009)
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Singapore: Employer guidance for economic recovery
Employer guidance to enhance competitiveness and sustainability has been issued by Singapore’s government, unions and employers. Examples include phasing out employee cost-cutting measures and giving one-off bonuses to recognize sacrifices.
(Select News,
19 Nov 2009)
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G-20 countries continue banking exec pay reforms
At the recent G-20 meeting, member countries affirmed their commitment to “urgently adopt” consistent executive remuneration reforms for the finance sector and agreed that the Financial Stability Board will monitor and report progress by March 2010.
(Select News,
18 Nov 2009)
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France restricts executive pay for bankers
France has implemented new pay rules for banks based on the principles established at the G-20 meeting. The rules, effective immediately, call for increased transparency and restrict the timing and form of bonus payments to certain executives.
(Select News,
18 Nov 2009)
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South Africa's draft social security proposal
South Africa's draft social security proposal includes changes for national health insurance, a mandatory state pension scheme, and expanded unemployment insurance coverage. After approval by the cabinet, the draft will be released for public comment.
(Select News,
17 Nov 2009)
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EC asks for changes in German and Dutch race laws
Germany and the Netherlands have been formally asked by the European Commission (EC), in the form of a reasoned opinion, to amend their race and ethnic origin anti-discrimination laws to comply with the EC’s Race Equality Directive.
(Select News,
16 Nov 2009)
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Hong Kong issues draft pay guideline for banks
A draft Guideline on a Sound Remuneration System for authorized banking institutions was issued by the Hong Kong Monetary Authority, in line with Financial Stability Board recommendations that were endorsed by the G-20. Comments are due 30 November.
(Select News,
12 Nov 2009)
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November 2009 Global Benefits Legislative Update
Mercer's Global Benefits Legislative Update for November 2009 includes summaries and employer action steps on recent HR and benefit-related legal developments from around the world.
(Select News,
12 Nov 2009)
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