Newsletter

The National Bank is predicting an inflation rate for 2022 of about 5%. However, this high rate is expected to decrease again as energy prices normalise and global supply and demand curves become more aligned. Due to the rapid recovery of the economy after the first corona waves, the demand for means of production and raw materials was (or is) much greater than the available supply. On the othe...

This summer, the government extended several existing forms of thematic leave by Royal Decree. For example, there are now new options for parental leave, medical assistance and palliative leave that mainly extend the flexible uptake of these leave entitlements. According to recent figures from the Belgian National Employment Office, these new forms of thematic leave are gaining momentum and can...

In recent decades, our way of working has evolved to being more independent of time and location. For example, we no longer need to be in the office all the time, and can structure our working hours differently using new IT tools. Teleworking and homeworking have become more widespread in many companies. The legislation on workplace accidents has clearly defined several concepts relating to tel...

The rules governing the acquisition, retention and withdrawal of supplementary pension reserves are currently regulated by the Belgian Supplementary Pensions Act [Wet op de Aanvullende Pensioenen – WAP] of 2004. However, in April 2014, the European Parliament voted in favour of a Directive aimed at improving the mobility of workers, including the accrual and retention of their supplementary p...

In the context of joint industrial negotiations, fixed premiums are regularly awarded by the sector which the employer can usually convert to an equivalent alternative benefit. In this agreement, the sector may be offering the opportunity to pay this amount as a premium to finance group insurance. This could be a new policy or the extension of an existing contract. But is it interesting? For ta...

In an attempt to put the brakes on rising pension costs due to an ageing population, the government is adopting various measures to curb early retirement (bridging pension). As from 2019, statutory pension will be possible only from the age of 63 if the person concerned has worked for a minimum of 42 years. Normal retirement age of 65 is also being gradually raised to 66 from 2025 and 67 from 2030...

The term burnout has been a constant in the media for the past few weeks and months. It has been a topic of discussion in numerous seminars, articles and interviews. Googling the term produces no less than 112,000,000 hits. But what about the financial side of burnout? Are we, both as employer and employee, properly insured against this form of incapacity for work? In order to answer this quest...

Such a databank is obviously a powerful tool for the government to verify the correct application of fiscal and parafiscal taxes (including the 8.86% social security (NSSO) contribution and restriction of the 80% rule). Policymakers also gain a clearer picture via this tool of the cost price of the tax-related benefits in the second pillar and are able to quantify the impact of possible adjustment...

After a difficult period, the economic climate is showing signs of a revival. After years of restructuring, rationalising and saving, the commercial profits are increasing again, as a result of which various companies have built up a 'war chest' in liquid assets. In order to increase the market share and permanently manage the costs as a result of increasing in scale, competitors are often therefo...

After a long previous history, the Belgian Law on Supplementary Pensions, also known by its Belgian abbreviation WAP or as the Vandenbroucke Law was finally published in the Belgian Law Gazette of 15 May 2003, and will become effective as of 1 January 2004. In the previous issue of Van Havermaet Actueel we already discussed the motivation of the WAP, the introduction of social pension plans, the w...

After a long previous history, the Belgian Law on Supplementary Pensions, also known by its Belgian abbreviation WAP or as the Vandenbroucke Law, was finally published in the Belgian Law Gazette of 15 May 2003. In expectation of the publication of the necessary implementation decisions, most modifications take effect as of 1 January 2004. However, for some important novelties the Law text itself p...

Within most companies, the domain of "social obligations" or post-employment benefits is the responsibility either of the financial or the HR management. However, the information that is available on these "personnel benefits" within the framework of the International Financial Reporting Standards (IFRS) shows, how important it is that there is a clear strategy on the part of both departments in t...

For some weeks now, the financial markets have been falling freely. Primarily bank shares had originally been under heavy pressure, but after some time the drop in share prices spread to all sectors. To restore confidence, and to keep credit facilities at the required level, governments over the whole world are taking important support measures for banks. The possible consequences for personal sav...

In a previous newsletter, at the start of the financial crisis, we outlined the possible consequences and risks concerning the accrued pension reserves of a supplementary pension plan. Depending on the chosen investment method (i.e. ‘Branche 21’ with interest guarantee or ‘Branche 23’ without any capital guarantee) and any financing surplus on top of the minimum statutory commitments, the effects ...

On 31 December 2009, an important transitional provision of the Belgian Supplementary Pensions Act (Wet op de Aanvullende Pensioenen – WAP) comes to an end.  From 2010, employees’ pension plans will only be able to be paid out from the age of 60. Until the end of 2009, these pension plans – if taken out before 16 November 2003 – can still be paid out prematurely in case of early retirement wi...

Standing still is going backwards. A saying that definitely applies to the business world. Market trends drive businesses in a certain direction. Some changes of direction may then become imperative in order to maintain the same dynamic rate of growth in the future. Daenen-Van Havermaet Employee Benefits is not immune to this phenomenon, either. In order to further enhance and extend our servic...

It is general knowledge that the tax and social security burden on salaries in Belgium is amongst the highest in the world. This becomes poignantly clear each year with the payment of variable bonuses. After all, variable performance-linked bonuses are often restricted to senior management and directors with higher fixed salaries. This means that the net bonus is scarcely equal to 30% of the cost ...

Many of us here in Belgium feel that the worst of the crisis has passed and that our economy is picking up again, outperforming most other countries in the eurozone. We realise that a fresh round of cuts is inevitable but some are already toning down the initial estimates of 22-23 billion to 17 billion euros, and with a little good fortune in revenue, somewhat more fraud prevention here and somewh...

In the current competitive market environment and these financially challenging times, increasingly more private organisations and government institutions are finding it difficult to keep their heads above water. These difficult circumstances often make deep cuts and restructuring necessary in order to be able to survive. Every cost factor within the organisation is then scrutinised and employees’...

The Programme Law was published in the Belgian official Journal just before the holidays. This law provides for various new provisions regarding additional pensions from the second pillar (occupational pensions). Although the precise implementation arrangements are not entirely known yet, we wish to give you a concise overview of the most important changes in this newsletter. Special contrib...