APAC payroll newsletter 2024 Vol.3

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

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 witholding on all business income (Applicable from 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

Singapore

• Changes to Local Qualifying Salary (LQS)

Taiwan

• Typhoon. 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