Tag: Bennard Ebanks
Private pensioners get access to more of their cash
(CNS): Residents living on private sector pensions can now access marginally more of their own money this year as the Department of Labour, in consultation with the National Pensions Board, approved an increase in the 2024 Retirement Savings Arrangements (RSA) disbursement figure from CI$14,125, the current maximum annual payout, to CI$15,000, effective 1 June.
Pensioners given access to more of their cash
(CNS): Pensioners in the private sector are being given access to more of their funds at retirement each year. The Department of Labour and Pensions (DLP) has announced that the annual disbursement of funds under a Retirement Savings Arrangement (RSA) has increased by 9.5%, from $12,900 per year to $14,125.
Seven years on, key parts of pensions law rolled out
(CNS): Cabinet has approved a new commencement order that will bring most of the outstanding parts of the National Pensions (Amendment) Act into force this year, some seven years after the law was passed. The provisions pave the way for more transparency and accountability on the part of the pension providers, naming and shaming of […]
Pensioners to get $35 more per month from funds
(CNS): People receiving a private sector pension under the Retirement Savings Arrangements (RSA) will be getting a 3.3% cost of living increase on the funds they can access each year. Director of Labour and Pensions Bennard Ebanks authorised an increase in the annual maximum disbursement amount from CI$12,480 per annum to 12,900, resulting in a […]
‘Culture change’ needed on private pensions
(CNS): Public Accounts Committee member Chris Saunders made it clear to regulators today that the culture surrounding Cayman’s mandatory private sector pension funds needs to change. Saunders, who has been a vocal advocate against the system, said the Department of Labour and Pensions (DLP) did not have the resources to police the plans where administrators […]
Tribunal breaches statutory timelines
(CNS): Almost a dozen cases before the Labour Appeals Tribunal (LAT) missed the statutory deadline, Ombudsman Sandy Hermiston has found following a maladministration investigation by her office. Despite breaching the statutory timeline for cases to be heard 11 times, there will be no consequences for the tribunal but officials have agreed to implement the directions […]
New Labour & Pensions website launched
(CNS): The Department of Labour and Pensions (DLP) has launched a new website and created a Facebook page to help people navigate the new legal environment surrounding the minimum wage and pensions following the implementation of the Labour (National Minimum Basic Wage) Order in March and the passage of the National Pensions (Amendment) Bill, 2016 […]
New local labour boss appointed
(CNS): Bennard Ebanks has been appointed as the director of the Department of Labour and Pensions (DLP) in the employment ministry, government revealed Tuesday. CNS understands that Ebanks will also be Acting Pensions Superintendent. A long-time civil servant who began his career with the police, Ebanks has also worked in both immigration and labour. He replaces […]
