APAC payroll newsletter 2024 Vol.3

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APAC payroll newsletter 2024 Vol.3

Our APAC payroll newsletter helps provide important updates on the latest regulatory changes and best practices that have influenced payroll operations in the APAC region over the past quarter. Our commitment is to keep you well-informed and empowered in navigating the evolving payroll sector.

8 August 2024

Key highlights:

Australia

  • National Minimum Wage and Modern Award rates increase announced 
  • Employment regulation changes from 1 July 2024 – Increased capacity for Unions to enter workplaces without notice 

China

  • Shanghai Unemployment Insurance Stabilization and Return Policy Update 
  • Update on the New Regulations of Data Transfer Relating to Personal Information in China
  • Continually implementing comprehensive policies to stabilize employment 
  • Reminder on the individual Income Tax for the labour service provided by individual in China 

Hong Kong

  • Launch of eMPF Platform 

India

  • No recent regulatory updates in India to report in this edition 

Indonesia 

  • Administration of People’s Housing Savings (Tabungan Perumahan Rakyat - Tapera) 

Japan

  • Change in Individual income taxation 
  • Expansion of social insurance coverage 
  • Discontinuation of the issue of health insurance cards 

Korea

  • Adjustment in National Pension base salary (effective from July 2024) 
  • Subject to withholding on all business income (Applicable for payment from July 2024) 

Malaysia

  • Extension of Social Security Organisation (“PERKESO”) Invalidity Scheme to foreign workers 
  • Akaun Fleksibel (newly introduced Employees Provident Fund (EPF) Members Account) for members under 55 
  • Akaun 55 and Akaun Emas for EPF members who reached 55 and over 55  Malaysia

Philippines  

  • No recent regulatory updates in Philippines to report in this edition 

Singapore

  • Changes to Local Qualifying Salary (LQS) 

Taiwan

  • Typhoon strike! Tax reduction due to disaster damage 

Thailand 

  • New tax deduction to promote low-season tourism in secondary provinces from May to November 2024 
  • Increase in personal income tax exemption for severance pay provided due to termination 

Vietnam

  • Decree 74/2024/ND-CP on the regional minimum salary for employees with labor contracts from 1 July 2024 
  • Decree 73/2024/ND-CP on the basic salary level (formerly known as general minimum salary level) from 1 July 2024 
  • Change on exchange rate for conversion of salary contributed to compulsory insurance from 1 July 2024
  • Law on Social Insurance 2024 

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APAC payroll newsletter 2024 Vol 3
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