Social Security Admninistation (31.01.2021) As part of its efforts to provide relief to individuals and businesses affected by the COVID-19 pandemic, Kosovo enacted a law on December 7 that allows participants of the country's mandatory individual account pension program to withdraw up to 10 percent of their account balances. According to the law outlining the package, withdrawals from all individuals with savings under 9,999 euros will be reimbursed by the Government from 2023 onwards.
Social Security Admnistration (31.01.2020) On December 21, Denmark's parliament approved a law that will allow citizens and certain other individuals with at least 42 years of employment by age 61 to receive a new means-tested early pension (tidlig pension) up to 3 years before the normal retirement age of 67. Specifically, starting on January 1, 2022, individuals can retire up to 1 year early with 42 years of employment from age 16 to age 61, 2 years early with 43 years of employment, or 3 years early with 44 years of employment.
US Social Security Administration (November 30th) On September 28, India's president approved a law (the Code on Social Security, 2020) that consolidates and amends nine existing social security laws. Among the law's changes are an extension of benefit eligibility to fixed-term workers under the employer-liability gratuity scheme, a broadening of the definition of wages for contribution calculation purposes, and new protections for informal-sector workers.
KPMG Global (01.05.2020) To reduce costs and improve cash flow immediately, social security contribution rate will be reduced with 4 percent of the total contribution rate of 14.1% assumable for the salary payments in May and June. Some areas in Norway pay 0%. These areas will receive a subsidy equal to 4 % of the employer social security contribution base.
KPMG Global (27.05.2020) Reduction in the penalty for late payment of social security contributions payable by employers in the amount of 24.8 percent of their employees’ wages (employer’s contributions) for the calendar months of May to July 2020. If the contributions due for these months are paid by 20 October 2020, the employer will be required to pay only 20 percent of the standard penalty for late payment stipulated by the Insurance Premiums Act.2 The reduced penalty will thus correspond to approximately 4 percent interest rate per annum.
KMPG (15 March 2020) Modified social security rules are to apply for the period of March-June 2020 for certain sectors—the hospitality and tourism sector; entertainment, film industry, and performing art sector; the sport services sector; the event organization sector; and the gambling section. The changes provide that employers in these sectors will not be liable to pay the employer part of social security contributions (17.5% + 1.5%) with respect to employment income paid to employees for the period March-June 2020.