Updated Axco employee benefits reports are available for the following countries:

China

The State Council is considering the introduction of a national pension system for the country’s 140mn migrant workers. Migrant workers with steady jobs will join the pension system for employees in urban areas, while those without employment will join a new national plan managed by provincial social security institutions. Contributions will be required from employers and employees.

Czech Republic

Sweeping changes to the Czech Republic’s tax, social security and healthcare legislation are expected in 2008. The Lower Chamber of Parliament has approved a package of wide ranging public finance reforms prepared by the government. The Senate is expected to approve the measures early in the new year, which will take effect once signed by the president.

South Africa

Public consultation is taking place on proposals by the South Africa government for a comprehensive reform of the country’s pension system, which it hopes to introduce by 2010. The government’s paper, Social Security and Retirement Reform, published on 23 February 2007, will form the basis of legislation in 2008. The following is proposed:

• A mandatory national social security system (first pillar)
• A mandatory private occupational system (second pillar)
• A supplementary voluntary savings system (third pillar)