The Labor Standards Act (LSA) includes a deemed working time system for discretionary work under which the working hours of employees engaged in certain duties can be predetermined rather than calculated on the basis of their actual working time. The Ordinance for Enforcement of the Labor Standards Act and a government notification detail the scope of the duties to which the Discretionary Work System can be applied and the relevant procedures.
The Home Office has announced that from 6 April 2024, the requirement to renew a Sponsor License after four years or to pay a renewal fee will be removed. This announcement is in line with the Home Office’s “August 2021 Sponsorship Roadmap”, which indicated the future reform of licensing renewal patterns for sponsored employment routes and the simplification of the Sponsor Migrant System. This is positive news as it reduces the burden on sponsors to maintain their license and removes the additional financial burden.
On 28 December 2023, the decree which amends, supplements, and abrogates certain provisions of the Mexican Securities Market Law (Ley del Mercado de Valores) and the Law of Investment Funds (Ley de Fondos de Inversión), was published in the Official Gazette (Diario Oficial de la Federación), and entered into force on the following day to its publication, i.e., on 29 December 2023. The decree establishes that the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público), with the prior opinion of the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) (CNBV) and Banco de México, shall issue within a period of no more than 365 days, from the date of its publication, secondary general provisions, regarding sustainable development, in order to strengthen corporate governance, adoption of best market practices and gender equality in corporations, issuers and other participants that operate within the Mexican securities market.
Against a backdrop of economic stagnation and geopolitical conflict, businesses are preparing for a challenging year. Global disputes will continue at pace, according to insights from more than 600 senior lawyers at large corporations, with ESG and employment risks the greatest areas of concern. Our seventh annual report provides detailed analysis of disputes trends, as well as sectoral and region-specific developments, to prepare your organization for The Year Ahead.
The Doing Business in the Philippines handbook aims to equip both local and foreign entrepreneurs with a practical guide to navigating the ever-evolving business landscape in the Philippines. It provides information on the requirements needed when setting up and operating a business in the Philippines, including incentives under special registrations, taxation, employment, IP, dispute resolution, and industry-specific regulations.
The Labor Standards Act requires employers to provide clear notice of certain terms of employment set forth under the Ordinance for Enforcement of the Labor Standards Act (“LSA Ordinance”). An amendment to the LSA Ordinance will become effective on 1 April 2024 changing the terms covered by this notification requirement.
In 2023, we helped Canadian employers overcome a host of new challenges across the employment law landscape. Many companies started the year with difficult cost-cutting decisions and hybrid work challenges. We’ve worked hard to keep our clients ahead of the curve on these issues, as well as address new legislation, developing case law, and other new workplace trends and developments.
In our 75-minute “quick hits” format, we’ll help Canadian in-house counsel and human resources leaders track what to keep top-of-mind for 2024. Join us on 7 February 2024 at 11:00 AM – 12:15 PM ET
Join us for our virtual New York 2023-2024 Employment Law Update on Tuesday, 13 February 2024 at 1 pm ET.
In this 60-minute session, our team will highlight what employers in New York and the surrounding areas need to know to effectively navigate 2024, with practical tips to handle the latest developments.
On 19 June 2023, the Korean Financial Supervisory Service (FSS) issued a notice according to which domestic employees can be sanctioned for violating the Foreign Exchange Transaction Act if they sell foreign-listed shares through an overseas broker or deposit funds resulting from the sale of foreign-listed shares with an overseas financial institution. To avoid sanctions, domestic employees are required to open an account with a Korean domestic broker, transfer the foreign-listed shares to such account, sell the shares through the domestic broker, and deposit the proceeds into an account with the domestic broker.
In a landmark decision rendered on 20 November 2023, the Antwerp Labour Court of Appeals ruled that no Belgian employee social security contributions are due in relation to equity-based compensation (RSUs in the case at hand) granted by a US parent company to employees of its Belgian subsidiary. In essence, the Court concluded that the RSUs under review were not granted in return for services provided by employees under their employment contract with and were neither borne by the Belgian subsidiary. Rather, the Court found that the RSUs were granted on the basis of an obligation undertaken by the US parent company towards the Belgian employee-beneficiaries with a view to binding these employees to the group on a long-term basis, with the US parent company also taking full financial and legal responsibility.