The Blue Marble November 2020 newsletter is focused on challenges for global payroll in 2021, the COVID impact on the Australian labor market, and UK payroll regulations affecting payroll.
Global Payroll Challenges in 2021
As the year draws to a close, companies have faced unprecedented challenges that will unfortunately most likely continue into early next year. Countries around the world have adapted regulations and compliance requirements to account for the ongoing pandemic, and multi-national companies have had to adapt to the changes in real-time. What does this mean for 2021 business operations? READ MORE
COVID Impact on Australian Market
The impact of COVID-19 can be felt by most industries in Australia in the form of reduced employee working hours, wage cuts, and staff reductions. Estimates show that more than 40% of jobs are at high risk of being terminated. Numerous industries in Australia have been shut down. Jobs have been terminated, and employees are being asked to take paid, or unpaid leaves as employees cut working hours or impose pay cuts. This will affect consumer spending, home price growth, and wage expectations, especially if the situation continues to worsen. The Federal Government has introduced the JobKeeper wage subsidy scheme to help with the ongoing crisis. LEARN MORE
UK Regulations Affecting Payroll
This year the UK government has made several changes that impact employee payroll. The Job Retention Scheme that was announced in March 2020 has been gradually changing the employer contribution requirements each month, and in November 2020 announced the scheme would be extended until April 2021. Another highly controversial regulation related to IR35 (off-payroll rules) affecting contractors was postponed in 2020 but will go into effect beginning in April 2021. How does this affect your employee payroll? READ MORE