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Global Employee Benefit Insights - February 2023


United Kingdom

Introduces a one-off public holiday for 2023

Monday 8th May 2023 will be an additional holiday to mark the coronation of His Majesty King Charles III.

Whilst the coronation takes place on Saturday 6th May, the following Monday will be the day it is observed. There isn’t a legal right for employees to be granted time off unless their contract of employment specifies all bank holidays be given, however, employers will need to consider that schools and childcare facilities will be closed, and other industries will be working to public holiday hours. Employers will also need to consider the negative reaction to not allowing staff to take the day as a public holiday.

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PPK opt-out period ends

For employees who opted out of the PPK in 2019, their auto-enrolment date is approaching.

Employees aged between 18-55 who have previously opted out of the PPK, will need to be re-enrolled from 1st March 2023. Opt-out can be selected again and would apply until 1st March 2027.

Employers are obligated to enrol any new hires aged 18-54 who join after 1st March 2023 within three months of their start date. Employees can opt out at a later date.

These deadlines apply to all employers, regardless of when they implemented their PPK.



labour code to allow sobriety tests.

Announced in January and effective within 7 days, employers retain the right to check an employee’s sobriety.

Any tests given must be recorded in the employee’s personnel file with the date and time, to the minute, that the test was given. These results are only kept on file for 12 months. This change allows employers to ensure the health and safety of their employees and property. The introduction of the tests will be governed by the collective agreement in place. If there isn’t a collective agreement, employers must give two weeks’ notice before they begin testing. Employees who test positive for drugs or alcohol are not permitted to work.



Phased reducing of working hours commences

Agreed in July 2021, the maximum weekly working hours are to be reduced from 48 to 42 by 2026 with no loss of salary.

Employees can choose to reduce their workweek effective immediately or wait for the reduction to be phased in as follows: 47 hours in 2023, 46 in 2024, 44 in 2025 and 42 in 2026. Employers will no longer have to grant employees time off for recreational, cultural, sporting or training purposes. Employers and employees can agree to calculate the 42-hour workweek over five or six working days, but employees must have one rest day per week.



Deadline for disability hiring quota approaching

From 1st February 2023, the 4-year transition period for hiring comes to an end.

Employers with 100 or more employees must employ individuals who are registered disabled, to the equivalent of 1% of their work force from 1st February 2023. From 1st February 2024 employers with between 75 and 100 employees must adhere to the requirements. Employers with 250 or more employees must meet a 2% quota. The law defines a disability as equal to, or greater than, 60%, and employers must report in their annual report the number of employees with a disability.



Tightens mandatory life insurance reporting

Whilst life insurance became a mandatory requirement for employers in January 2020, not all companies are complying.

On January 31, 2023, the Superintendent of Bank and Insurance issued Circular No. S-673-2023 to update the Life Insurance Information Center law on periodic reporting requirements of insurers on mandatory life insurance for employees. Insurers will be required to report on companies, their employees past and present that are covered under a mandatory plan. This is to be done within 30 days of the corresponding month’s data. This will ensure that all companies become compliant and provide the required life insurance coverage.



Minimum wage increases

There are two minimum wage increases over the coming months of note.

The monthly minimum wage was increased to ARS 65,427 (approximately USD 350) on 1st January 2023, the Argentinian government has approved a further two increases on 1st February 2023 to ARS 67,743 (USD 357)and on 1st March 2023 it will increase again to ARS 69,500 (USD 365).



Phased reducing of working hours commences

The UMA (Unidad de Media y Actualizacion) value has increased by 7.82% from 1st February 2023.

The new values have increased to MXN 103.74 (USD 5.50) per day, MXN 3,153.70 (USD 168) per month and MXN 37,844 (USD 2,000) per year. UMA is used to calculate payments, obligations, and any penalties owed due to state or federal obligations.


Hong Kong

Announces minimum wage increase

The hourly minimum wage is increasing from HKD 37.50 (USD 4.75) to HKD 40 (USD 5.10).

This is the first increase since May 2019 and applies from 1st May 2023.



Announces minimum wage increase

With effect from 1st April 2023, the minimum monthly wage will increase.

Currently set at €713 (USD 767), the minimum monthly wage will increase to €751 (USD 807). The minimum monthly wage for departmental heads is also set to increase to six times the minimum monthly wage to €4,506 (USD 4,842).

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