Monday, April 25, 2011
The Cayman Islands's temporary one-year pension contribution suspension is to end, affecting private sector employers, employees, and self-employed individuals.
The measure was first introduced in April, 2010 with an amendment to the National Pensions Law, providing a temporary one-year suspension of pension contributions and a temporary two-year suspension period for non-nationals. According to the government, it was implemented in response to the global economic recession, and designed to both ease Islanders's financial burdens, and stimulate the economy.
The government has now issued a reminder that, as of April 26, Caymanians are pensionable immediately, required to participate in a pension plan and pay pension contributions, from their first day of employment.
Commenting on the reinstatement of pension payments, Superintendent of Pensions, Amy Wolliston, said: "With the expiry of the suspension, participating Caymanian employees can expect to see their employer's resumption of salary pension deductions along with the payment of these contributions to their relevant pension plans".
Rolston Anglin, the minister responsible for pensions, added: "These contributions are extremely important to continue each employee's long-term savings for retirement. It's a critical part of their retirement planning".