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Welcome to Mobility Minute, a newsletter published every Friday by Worldwide ERC® for the benefit of members and the global mobility and relocation industry. Here’s a quick glimpse of what you’ll find in this week’s issue:

Mortgage Assistance Benefits Return With Rising Interest Rates
Return of the COLA?
Canada Publishes Regulation Prohibiting Purchase of Primary Residence by Non-Canadians

Note: If you receive Mobility Minute weekly, please forward this issue to colleagues in the workforce mobility industry. If this was shared with you, click here to subscribe and gain access to the archives.

Mortgage Assistance Benefits Return With Rising Interest Rates

According to the Freddie Mac Primary Mortgage Market Survey, mortgage interest rates have increased by more than 0.35% since October 2021. Even a small interest rate increase can have a big effect on how much you can afford when home values are rising so quickly. What steps can companies take to make relocating easier for employees?

Why is this important?

There’s no one-size-fits-all solution for relocating, but there are a few methods that might be able to help make the transition smoother for transferees. There are a number of mortgage assistance programs to consider: Sliding scale, interest-based mortgage subsidy, and mortgage interest differential assistance (MIDA), for example. By exploring these strategies, mobility managers can help transferees with the costly expenses often associated with a move.

Return of the COLA?

Inflation has been skyrocketing in the United States lately, reaching alarming rates. Consumers have been taken aback by the current inflation rate given its sharp contrast to the low levels experienced over the past decade. With inflation and the cost of living on the rise, many companies are asking themselves, “Do we need to bring back the COLA?”

Why is this important?

Cost-of-living adjustments (COLA) can be an important part of any global mobility program and can help ensure employees feel secure when relocating. With the rise of inflation and interest rates, employees will be carefully weighing their options when considering relocations.

Canada Publishes Regulation Prohibiting Purchase of Primary Residence by Non-Canadians

On 21 December 2022, the Canadian government issued the regulation implementing the law prohibiting the purchase of a primary residence by non-Canadians. The prohibition went into effect on 1 January 2023 and is scheduled to last for two years.

Why is this important?

The Canadian Employee Relocation Council (CERC) has been spearheading an effort for a relocation exemption. In early December, CERC as well as Worldwide ERC® had sent Canadian Ministries a letter requesting an exemption. We are evaluating next steps on how we can continue to pursue a relocation exemption from the regulation.

Global Economic Snapshot

Beginning 5 January, all air passengers at least 2 years old originating from China will be required to show a negative COVID-19 test no more than two days before their departure from China, Hong Kong, or Macau. — The Hill
A warmer-than-expected start to winter across large parts of the world is rapidly easing fears of a natural gas crisis that had been predicted to trigger outages and add to pressure on power bills. — Fortune
On 4 January, the Department of Homeland Security (DHS) proposed to adjust certain immigration and naturalization benefit request fees charged by U.S. Citizenship and Immigration Services (USCIS). — Federal Register

On Tap

Job Posting: Director, Global Business Development with TRC Global Mobility Inc.
Job Posting: Talent Mobility Specialist with Ford Motor Company
Job Posting: U.S. Global Mobility Associate with Vialto Partners

The Breakroom

If you show up at the airport without a driver’s license or passport, you may still be able to board your flight. Transportation Security Administration (TSA) accepts several forms of ID, including a passport or a passport card; a trusted traveler card such as Global Entry or Nexus; and a Department of Defense ID.

Can you still fly if you’ve lost your ID?

If you don’t have any of the accepted IDs, you’ll be asked to show two alternative forms of ID. One of them must show your name and identifying information, such as a photo, address, phone number, or Social Security number, according to the TSA. If you don’t have any acceptable alternate form of ID, a TSA employee will ask you to complete an identity verification process by filling out a TSA Form 415, also known as a Certification of Identity form.