Pension road show opens in North Side
(CNS): Following several weeks of public consultation and meetings on the new labour bill officials from the ministry of employment and the minister hit the road this week to start the public debate on the amendments to the pensions’ bill which will among other things increase the local retirement age to 65. The first meeting regarding the long anticipated reform of the law was held in North Side last night and the next will be in Bodden Town on Thursday.
The amendments aim to address a catalogue of issue but the main aim is to create a culture of compliance among local bosses. In addition with a new labour bill in the pipeline the pension’s law will need to align with that new law. Officials are also hoping to create more transparency, as well as equity and consistency across the local compulsory pension regime.
Hundreds and hundreds of employers continue to be delinquent when it comes to making regular pension contributions to their workers funds and funds themselves are also falling foul of the existing laws on the issues of management and transparency of the cash employees are depending on to see them through their twilight years.
The legislation and the discussion documents are available here on the ministry website.
It is some 17 years since the law was amended and the minister with responsibility for pensions, Tara Rivers is seeking public input on the draft ahead of plans to steer the legislation through the Legislative Assembly before the year end.
Meetings continue in Bodden Town on Thursday followed by East End, West Bay and George Town next week.
Category: Local News
Complain and your ass will be sent home that’s the way it is in cayman
Is this where we parade all the high society noncompliers for all to see?
No, because of the rampant endemic corruption that Alden refuses to acknowledge.
11.13, I agree entirely and there is a rights issue here, expats being treated worse than local people even though I suspect the majority of the funds in there come from expats. Human rights? There has to be a law on that somewhere..could start with the UK insurance or Pensions Ombudsman..still a British Territory after all..
Wow, the dog & pony show has actually started. How long before it reaches Town???
My employer and I were both compliant for 9 years. We both followed the law and contributed religiously to my pension fund. I left due to rollover and with the understanding that I would get access to MY money after 2 years off island. Now this change will make it three years. Why withhold MY money? Why punish those who were compliant in order to make up for those who have not been? Clearly the pension funds are struggling to make payouts because of the non-compliance of those who have been breaking the law. The fact is – it’s MY money that is being withheld on the whims of a government I did not vote for (as I cannot vote in the Cayman Islands). How is this fair or appropriate?
It will take longer now probably to cover the loss of funds from double dipping, payouts to allow people to buy property and who knows, a whole wealth of other reasons. A pension scheme is not there for an easy access saving pot, if people are allowed to pull cash from the pot to buy a house it is to the detriment of everyone as the overall buying power of the fund is reduced. However I agree you should be able to access your share should you leave island…thems the rules!
Why do we need a corrupt government?
So we can be like the other West Indies Territories?
Ok so pension age 65, still pretty good considering what age other places have. Now what about legislation saying that if you have a job you have to work
How about if you have no work means no pay, means no contributions. What allowance is made for this in regards to small companies not fully doing business all year round. Do they still have to find that money to contribute? will they have to steal the money to pay pension?
On another note, businesses are forced by law to pay up arrears, most of these arrears are for employees that left this country 6,8,10 years ago, are these employees going to collect this money? are the Cayman Islands Government and the Pension providers are lowering themselves as thieves? These employees will never see a dime of these arrears.
Why are the hundreds and hundreds of delinquent employers still being given Trade & Business Licenses and Work Permits? Is it so there can be hundreds and hundreds more victims?
The new Trade and Business Licensing Law will require confirmation of compliance with the health insurance law and the national pensions law before a TBL can be renewed.
Yes, but why do we have to wait? There is no reason why some people should not have been cut off from abusing labour years ago!
5;32 am
I can only hope that this new law will shut down half the small businesses in this country, that have abused the labour laws…and trust me, its a lot, one way or another they all did some abuse.
Now lets see where CIG is going to continue to charge for these license and get money for their coffer.
The whole thing about CIG selling licenses is to blame for this mess…too much unleved businesses in the first place. CIG created all this mess.
That’s a step in the right direction – now we also need to ensure that someone monitors the due dates for the license renewals and checks all those illegal businesses setting up shop along the road and beaches etc without having any licenses…………
It is already the law to pay pension. The law as usual here is never enforced. The Hurlestone group of companies were taken to court and agreed a payment plan and still they have made no payment to it. Obviously, he is not worried about having his T & B License taken away.
They are given license to operate because this so-called pension is only a scheme. If you all want to save for your own retirement then put your own money in a social security funds like all other countries do. Stop ripping off small businesses to pay 5% of your pension scheme. A pension scheme is a voluntary savings that each individual work his ass off for which he voluntary puts aside for his retired life. As it is now the Government is depriving the families of businesses that have to mandatory give this money. some cant feed their own children and educate them. sounds like socialism to me.
That’s a Croc just get a new T&B
no problem with compliance