Topic: National Pensions Law
Gov’t shoots down motions on pensions and vacations
Government members, on Thursday, voted down Opposition motions aimed at reviewing the impact Cayman's pension changes and increasing vacation leave for employees.
Pensions law ‘needs more teeth,’ magistrate says
Cayman’s National Pensions Law “needs more teeth,” Magistrate Angelyn Hernandez declared on Wednesday, when she heard updates on four cases of employers charged with failing to make contributions to a pension plan for employees.
EDITORIAL – Pension ‘exodus’: Bad idea, worse execution
We imagine that Moses’ leading the Israelites out of Egypt was a more orderly affair than Cayman’s “pension exodus” – where hundreds of expatriate workers are packing their bags and leaving, so as to avoid being swept up in last year’s changes to the National Pensions Law.
Nov. 30 is key date for pension refunds
Although the effective deadline to meet eligibility requirements to receive a pension “refund” payment for Cayman Islands private sector employees is Dec. 31, 2017, it is likely that in many instances, the worker seeking that refund will have to leave their employment by Nov. 30 to obtain those funds.
Pension law allows double-dip for employees aged over 60
Older workers in the Cayman Islands private sector will still be eligible to access their pension funds when they reach age 60 under the newly amended National Pensions Law, whether they have actually retired or not.
Tourism sector fears expat pension exodus
Cayman Islands tourism sector managers fear “skyrocketing turnover” within the next year, following government’s decision to set a cutoff date for when workers can receive cash refunds from their retirement accounts.
Pension law changes to come into effect in January
With the New Year comes a raft of changes to Cayman’s retirement system, starting Jan. 1 with the increase of the retirement age from 60 to 65. The first set of changes will also increase the salary maximum so employers will have to contribute to pensions on up to $87,000 worth in salary.
EDITORIAL – Bad vibrations for Cayman’s beach boys
The Cayman Islands government has drawn several lines in the sand on the subject of unlicensed beach vendors. Political tides, it appears, keep washing those lines away.
EDITORIAL – Delinquent pensions: Mission accomplished? We think not
The problem of employers not paying their employees’ pensions (and, more despicably, sometimes stealing their employees’ contributions to their pension plans) has not been solved at all.
Department of Labour and Pensions launches new website
Cayman Islands’ employers and employees can now visit a new website and Facebook page launched by the Department of Labour and Pensions last week.
Petition started against pension law changes
An online petition that started Wednesday is urging government to nullify several sections of the recently approved National Pensions [Amendment] Bill.
Key pension plan issues left to Cabinet
A number of critical issues regarding how private sector retirement plans will be managed, including when individuals who are now 60 to 65 years old can receive full retirement benefits and how much they can take out of their pension savings accounts each year have been left up to Cabinet to decide.
Pension ‘refunds’ restricted by new law
Greater restrictions will be placed on the transfer of pension funds out of the Cayman Islands, particularly when those transfers involve lump sum “refunds” to individuals who have left the islands, according to legislative changes approved this week.
Employer fined for pension offenses
The owner of three businesses was fined $6,500 this week and ordered to perform 320 hours of community service after pleading guilty to 29 offenses against the National Pensions Law.
Legislative bills: Major legislative changes proposed
A raft of significant legislation – dealing with everything from the protection of personal records, to public officials’ disclosure requirements, to private sector pensions rules – will be addressed in the Legislative Assembly at its April 25 meeting.
