Tag: pensions holiday
Pension payments due in November as holiday ends
(CNS): The national pensions holiday came to an end on Friday after two and a half years. Private sector employers and employees as well as the self-employed must resume the 10% mandatory contributions to funds as required by the National Pension Act. The first payments are due by 15 November for wages paid in October, […]
Plans afoot for phased increase to pension contributions
(CNS): Employees in the private sector will need to increase the amount of money they pay into their pension funds because of the inadequacy of the current amounts set out in law, as well as the withdrawals made from the schemes during the COVID-19 lockdown and the freeze on mandatory payments for the last two […]
Pensions holiday continues for three more months
(CNS): The Cayman Islands Government has extended the mandatory payment of pension contributions in the private sector for another three months, despite concerns that this long-running holiday will present the country with a significant problem in the coming years. While the opposition had been pressing for an extension of the pension payment freeze until the […]
Health insurance help ends as costs rise
(CNS): The Health Insurance Premium Payment Assistance Programme, the freeze on private pension payments and the tourism stipend programme are all due to come to an end this month. Government has not yet confirmed that employees and workers must start paying into pension funds again next month or what will happen to tourism stipend recipients […]
Final extension made for pension holiday
(CNS): The government is extending the private pension payment freeze for the last time. The holiday on the mandatory payments by employers and employees was rolled out to help people navigate first the lockdown and then the border closure due to the COVID-19 pandemic. But now that Cayman is moving towards lifting all restrictions, the […]
Cabinet approves extension to pension holiday
(CNS): The suspension of the mandatory requirement for employers and workers in the private sector to pay into a pension scheme has been extended again. In a press release from government on Wednesday, officials said that, in accordance with the National Pensions (Amendment) Act 2020, a Cabinet Order has extended the national pension holiday for […]
Pension holiday rolls on for six more months
(CNS): Government has confirmed that Cabinet has agreed to a six month extension to the National Pensions Act to extend the freeze on the mandatory requirement for private sector workers and their employers to pay into a pension scheme. The holiday was introduced by the previous government more than one year ago as a result […]
Pension break rolls on after $400M fund ‘raid’
(CNS): The Cayman Islands Government is extending the freeze on mandatory pension payments until June next year to help ease the strain for employers and workers, as they continue to navigate the difficulties of the COVID-19 economy. Pension holders can no longer withdraw funds from their accounts, but officials revealed this week that more than […]
Gov’t rejects MLA review of pension regime
(CNS): Problems with the Cayman Islands private sector pension regime became a political football on Thursday, when the government rejected a call to establish a committee to take a deeper a look at what can be done with it. Opposition MLA Chris Saunders (BTW) had presented a motion to the Legislative Assembly calling for members […]
Over $400 million taken from pensions
(CNS): With just a few more weeks to go before the emergency pension fund withdrawal opportunity ends, Caymanians and residents have already taken over $400 million from their funds. Almost 34,000 successful applications were made to take money from pensions and over 71% asked for the full amount, which was $10,000 plus 25% of the […]
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 […]
