Topic: pensioners

Civil servants, seafarers, pensioners and those on long-term financial assistance are to get a one-off payment of $500 as a festive thank-you from the coalition government.

Monthly stipends for elderly and disabled people, retired seamen and veterans will be increased dramatically over the next two years. The Cayman Islands government will also create a new “ex-gratia” payment to top up the pensions of long-serving retired civil servants who currently receive less each month than people on poor relief.

The maximum amount retirees can withdraw from their savings in a private sector pension plan each year will be increased as of early 2017, Employment Minister Tara Rivers announced this week.

During this week’s meeting between U.K. politicians and overseas territories leaders, Cayman Islands Premier Alden McLaughlin and other leaders raised the issue and noted that British citizens who live in the Caribbean territories should be treated the same as those who live in the U.K. or the dependencies of Jersey, Guernsey and the Isle of Man.