Tag: Department of Labour and Pensions
Minister ‘monitoring’ labour investigation at hotel
(CNS): Labour Minister Dwayne Seymour has confirmed that his ministry cannot discuss the specifics of an investigation regarding a local hotel by WORC and the Department of Labour and Pensions (DLP). However, he said that officials are committed to ensuring that all relevant regulations and laws are upheld and all necessary steps are taken to […]
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 […]
DLP advises bosses to encourage, not force, vaccine
(CNS): As the question over whether or not employers can force their workers to be vaccinated continues to fuel public debate, the Department of Labour and Pensions has issued some general guidance on COVID-19 vaccination policies for employers and the impact on existing and potential employees, as well as data protection issues relating to vaccination […]
Pension holiday extension confirmed
(CNS): Both employers and employees have been given a reprieve on mandatory pension payments for another three months. Government has extended the ‘pension holiday’ on the 10% payment on salaries until the end of the year. However, the emergency withdrawal scheme will not be extended and anyone who wants to access their pension cash must […]
Ombudsman finds ‘serious issues’ with LT records
(CNS): Claims by the Department of Labour and Pensions that it wasn’t sure where some records were in response to a freedom of information request was “a serious issue”, Ombudsman Sandy Hermiston said in her latest appeal decision. Hermiston has ordered the DLP to release dozens of records dating back to 2014, which it had […]
7MB resort under pension probe
(CNS): The Department of Labour and Pensions has confirmed it is investigating the Margaritaville Beach Resort Grand Cayman for not paying its workers’ pension contributions. But the department has refused to release any details because of the ongoing probe into the issue. The hotel is believed to be one of several employers that were exposed […]
DLP investigating Pensions Law breaches
(CNS): Following the recent Public Accounts Committee hearings and a number of public complaints about some pension plan administrators not following the law in relation to the pension withdrawal scheme, the Department of Labour and Pensions (DLP) has said it is reviewing the situation. “Multiple pension plan administrators” were being checked, officials said, to ensure […]
Pension boss justifies withdrawal fees
(CNS): Varying fees being charged by private sector pension funds to people accessing their cash to help them weather the COVID-19 economic collapse, in line with the recent change to the law, were defended by government’s pensions boss on Wednesday. Concerns have been raised that some pension administrators are taking advantage of members by charging […]
‘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 […]
