Pensions holiday approved
Posted Mon, Mar 1st 2010, 19:55(Grand Cayman - CITN) -
The pensions holiday has been unanimously approved however lawmakers are still working through the new legislation to pave the way for the temporary halt of pension payments.
It proposes Caymanians working in the private sector not have to pay pensions for at least one year and non-Caymanians for two years.
The pension holiday will not impact civil servants, therefore government won't be cutting any costs this way. According to Government Minister Rolston Anglin, who’s responsible for pensions, it's designed to help those who are struggling financially.
Mr. Anglin says once all the legal matters are taking care of and the changes go to his Excellency, the pension holiday could come within two to three weeks.
Once it goes into affect both the employer and employee will then have to agree to the non-payment of pensions.
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