KOREA - Mercer Human Resource Consulting in Korea has entered into a corporate pensions business alliance with the Korea Development Bank (KDB). The agreement has set out the basis for mutual co-operation between Mercer and the Korean bank with the aim of supplying a better service to clients. Mercer described the agreement as "a significant step forward", given the impending arrival of the Korean Employee Retirement Security Act (ERSA) on 1 December 2005, which sets out broad principles for the establishment and management of employer-sponsored retirement plans as an alternative to the existing mandatory severance payment system.
Mercer said: “With ERSA, organisations will need sound and clear advice in the area of corporate pensions.”
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