The Organization for Economic Cooperation and Development (OECD) in June 2024 announced that the G20 gross domestic product (GDP) increased by 0.9 % quarter-on-quarter in the first quarter (Q1) 2024, according to provisional estimates, up slightly from 0.7 % in the previous quarter (Chart 1). The area’s economic performance was primarily supported by China and India in Q1 2024[1]. Together with Türkiye, Saudi Arabia, Korea and Indonesia, they recorded GDP growth rates

In June 2024, Germany’s official Make it in Germany portal described the new Opportunity Card for qualifying third country jobseekers. Initial job search residence can last up to twelve months, with secondary employment of up to twenty hours a week and limited job trials. Applicants may qualify through recognised skilled worker status or a points route with additional basic requirements. The practical recruitment lesson is to distinguish a person’s

In June 2024, Norway’s Ministry of Children and Families announced that the parental-benefit period at the 80 percent coverage level would increase from 295 to 306 benefit days from 1 July 2024. The stated objective was to bring the total payment broadly into line with the 100 percent option. The change concerned the relationship between replacement level and duration within the statutory system. Compare the whole benefit period A

The Organization for Economic Cooperation and Development (OECD) in May 2024 announced its latest trade numbers. After falling in 2023, G20 merchandise exports (current US dollars) bounced back in Q1 2024. Compared with Q4 2023, exports rose by 1.9 %, driven by strong growth from China, while imports slipped by 0.2 %, partly reflecting lower energy prices. According to preliminary estimates, G20 services trade continued to expand in Q1

In May 2024, South Africa’s Presidency confirmed the signing of the National Health Insurance Bill into law. The signing remarks explicitly described implementation as phased, with systems and governance arrangements still to be established. For employer health programmes, this historical milestone should be read as an enacted reform with an implementation process. It did not establish overnight operational coverage or automatically answer what every employer should do with its

Adriana Scherzinger has a rich background in the insurance industry, which has been highlighted by her recent appointment as Zurich Insurance Group’s group head of captives. She has been with Zurich since 2005, having held various significant roles across different regions, including Latin America and the Middle East, and more recently in the U.S. and Switzerland​​. Scherzinger’s educational background includes an Executive MBA from Fundação Getulio Vargas in Brazil

In April 2024, the British government confirmed commencement of a new entitlement to unpaid carer’s leave in Great Britain. Acas guidance describes up to one usual working week in twelve months, available from the first day of employment to provide or arrange care for a dependant with a long term care need. The benefit created protected time away from work. Employers should distinguish that statutory baseline from any additional

In April 2024, the OECD published Taxing Wages 2024, comparing labour taxation across eight model household types using 2023 observations. For a single average wage worker without children, the OECD average tax wedge was 34.8% of labour cost. That measure combines employer and employee labour taxes and social contributions, net of family benefits. It is not an individual’s expatriate tax rate. Mobility teams can use the report to examine

Oscar Health, an American health insurance company known for its innovative approach, has signaled a strong position for growth in 2024. Founded in 2012, Oscar Health was created to simplify the complexities of the U.S. healthcare system through technology, data, and design. The company’s recent financial performance and strategic operations highlight its potential for profitability and expansion. Financial Milestones and Growth Indicators Oscar Health‘s CEO, Mark Bertolini, recently announced

Introduction: Navigating the Complex Landscape of Workforce Health The MAXIS GBN 2024 report illuminates the multifaceted influences of industry, culture, and gender on workforce health. Drawing from an extensive analysis of medical claims data, it reveals critical insights into how these elements shape health outcomes and healthcare costs. Industry Influence on Health: A Closer Look Musculoskeletal (MSK) conditions emerge as a predominant concern, with spending on MSK care witnessing

In the latest quarter of 2023, the Organisation for Economic Co-operation and Development (OECD) reported a slight downturn in real household income per capita, marking a pivotal moment after a year of consistent growth. This shift, contrary to the 0.3% rise in real GDP per capita, unveils the intricate dynamics beneath the surface of economic indicators, spotlighting the diverse fiscal landscapes across member countries. The OECD’s analysis, aggregating data

In a strategic move to enhance its Business Development (BD) efforts across key global regions, MAXIS Global Benefits Network (MAXIS GBN) proudly announces the appointments of Aaron Brown and Larry Howley as the new Regional Directors for the Europe, Middle East, and Africa (EMEA) and Americas regions, respectively. This announcement was made from London on 6 February 2024, marking a significant step in ensuring MAXIS GBN’s commitment to delivering

Mercer, a leading financial services company and a subsidiary of Marsh McLennan, has announced the appointment of Susan Potter as the new Region President for the United States and Canada, effective January 22. This strategic promotion follows her successful tenure as Chief Commercial Officer since 2019. Potter’s promotion to this pivotal role comes at a time when Mercer is expanding its horizons, most notably with the planned acquisition of

London, 22 January 2024 In a groundbreaking move, MAXIS Global Benefits Network (MAXIS GBN), a pioneer in the corporate wellness arena, has announced a partnership with Maven Clinic, the world’s preeminent virtual clinic for women’s and family health. This collaboration marks a significant milestone in MAXIS GBN’s efforts to expand its wellness technology marketplace. The union between MAXIS GBN and Maven Clinic is poised to revolutionize healthcare offerings for

In January 2024, The Pensions Regulator laid its General Code in Parliament, consolidating ten existing codes covering pension governance and administration. The original announcement anticipated commencement on 27 March; the regulator’s later annual report records actual commencement on 28 March 2024. The historical distinction matters. The code brought expectations into a more coherent format, while many underlying standards were already established. For multinational pension sponsors, the practical question is

In January 2024, the Guernsey Financial Services Commission reported that administrators had secured a buyer for parts of Global Benefits Group’s international education insurance businesses and administration platform. Its 22 January statement described continuity of service and benefits for a number of GBG Insurance Limited customers. This updates our earlier discussion of the December 2023 insurer failure and illustrates why reassurance about an acquisition must be tied to the

In a strategic move that reshapes the landscape of employee benefits and pension administration, Aptia has officially announced its launch. Formed by investment from Bain Capital Insurance, Aptia emerges as a formidable entity, boasting an impressive clientele of 1,100 global clients, thereby extending its services to support over 7 million individuals. A New Era in Benefits Administration? The firm is the result of a strategic acquisition of Mercer’s U.S.

Luxembourg, January 2024 – Mercer Marsh Benefits has announced the appointment of David Chalaoui as their new Growth Leader for Europe in Global Mobility Solutions. Chalaoui, who commenced his role in January 2024, brings a wealth of experience and expertise in business development and client relations within the European region. Prior to joining Mercer Marsh Benefits, Chalaoui had an extensive career at Swiss Life Global Solutions, where he served

As of October 2023, the OECD unemployment rate was 4.9%, remaining under 5.0% since July 2022​​. This stability is significant for the insurance and pensions sector as it indicates a relatively stable labor market. However, the number of unemployed persons reached 33.4 million, the highest in 2023. The disparity in unemployment rates among OECD countries is notable, with rates rising in 14 countries, unchanged in 9, and declining in

The OECD’s “Pensions at a Glance 2023” report presents a detailed analysis of pension systems, demographic trends, and policy reforms among its G20 member countries. Here’s GBV’s comprehensive analysis based on the key findings from the report: 1. Pension Reforms and Retirement Age Adjustments Increasing Retirement Ages: Many OECD countries continue to increase retirement ages. For example, Sweden raised its retirement age and linked it to two-thirds of life-expectancy

In a significant turn of events, Cigna Group has ceased its efforts to merge with fellow health-insurance provider Humana. Initially poised to form a colossal entity valued at approximately $140 billion, the deal’s dissolution arose primarily due to disagreements over financial terms. Despite prior discussions hinting at a possible closure by year’s end, the proposed cash-and-stock transaction faced skepticism, particularly concerning the use of Cigna’s stock as a part

In December 2023, Captive International published results from a survey conducted with ECIROA on independent non-executive directors in captive governance. The report described perceived benefits of independent judgement and highlighted questions about committee participation. It offers useful prompts for a board review, although the accessible report does not establish a representative sample of the entire captive market. Appointing an independent director is only the beginning of defining how that

The comprehensive analysis of the “Vitality in America” study, commissioned by The Cigna Group, reveals crucial insights into the state of vitality among Generation Z and other American adults. This study, conducted in June 2023, surveyed 10,000 adults and used the Evernorth Vitality Index (EVI) to measure health and well-being across eight dimensions: emotional, environmental, financial, intellectual, occupational, physical, social, and spiritual. Generation Z’s Vitality Metrics Mental Health Challenges

In a landmark move, IBM has redefined its retirement strategy, signaling a potential trend for corporate America. Our analysis reveals IBM’s pivot from traditional pension accruals to a novel approach, blending cash balance benefits with a pay increase and pay credit system. This shift, executed amid a climate of peak pension fund health, showcases IBM’s innovative use of surplus assets for future benefits. The new scheme phases out the

In a landmark move for the Italian insurance sector, energy giant Enel has confirmed the establishment of its first onshore captive insurance company, set to commence operations on January 1, 2024. This strategic decision involves merging Enel Insurance NV, currently based in the Netherlands, into this innovative Italian reinsurance captive. This pivotal step reflects a growing confidence among major Italian corporations in the evolving regulatory landscape, particularly with the

Swiss Life, a prominent player in the life insurance and financial services sector, has unveiled pivotal transitions within its Group Executive Board slated for 2024. After an 18-year tenure, including a decade as the Group CEO, Patrick Frost is set to resign from his role, making way for Matthias Aellig, the incumbent Group CFO, to ascend as the new Group CEO from 16 May 2024. Reflecting on his decision,

The landscape of global medical expenses is undergoing significant changes. The WTW 2024 Global Medical Trends Survey, encompassing insights from 266 insurers across 66 countries, provides critical data on these shifts. This comprehensive study highlights key trends in medical costs, including a projected near double-digit increase in 2024, albeit a decline from the 2023 highs. Let’s delve into the factors influencing these trends and their implications. Decline in Medical