Topic: Pensions Law

Theresa Chin, sole director of TC Fahrenheit Ltd., appeared in Summary Court on Wednesday to report on efforts to pay more than $95,000 to former employees for pension deductions she made from their salaries but never placed in any pension plan.

Luigi Moxam, trading as Cayman Cabana Ltd., appeared in Summary Court on Wednesday charged with offenses brought under the Pensions Law and National Minimum Wage Law.

Businesses are starting to see a gradual exodus of employees from the Cayman Islands with some expatriate workers opting to leave before government closes a loophole in the Pensions Law that allows them to cash out their retirement savings as they depart.

The Chamber of Commerce, the Tourism Association and major employers warned last month that businesses face the prospect of mass resignations from workers who want early access to their savings.

Cayman’s two largest private sector pension funds, Silver Thatch and the Chamber of Commerce Pension Fund, have suggested that changes to the Pensions Law, though a temporary inconvenience to businesses, will be good for Cayman savers in the long term.

The Progressives government’s attitude toward expatriates too often can be approximated in a half-dozen words: “If you don’t like it – Leave.”

A company facing charges under the Pensions Law was ordered to pay $3,000 last week toward the cost of prosecuting the case against it.