Tag: Pension
Mario Ebanks joins Chamber pension board
(CNS Local Life): Mario Ebanks, former director of the Department of Labour and Pensions (DLP) and former Acting Superintendent of Pensions, has recently been named as the Chamber Pension Plan’s newest trustee. Ebanks is one of two trustees the Chamber has appointed to the plan’s board.
Needs more information about pension
What happens if I pass away before I exhausted my pension funds? How much of the remainder will go to my husband or children, and will this be paid out in a lump sum or monthly? Also, as the pension pay-out per annum will not suffice for people to survive in Cayman, why are the […]
Time frame for providing a pension plan
I‘ve taken on a new employee who just arrived in Cayman. Do I need to start contributing to a pension plan for him right away? Auntie’s answer: You asked this question at an interesting time because the National Pensions (Amendment) Law, 2016 just took effect 1 January. The changes in the law will not affect […]
Rules for work permit holder to access pension
I am a work permit holder and I am here in Cayman since eight years. Now, we know there is a new pension law, which is approved by LA and will come into effect shortly even though they did not set time yet. My question is, if I resign now and go back to my […]
Rules for hiring casual labourers
Are there any rules regarding hiring Caymanians as casual labour? Specifically, my gardener is Caymanian and he comes twice a month and I pay ‘him’ monthly, not a business, but I don’t pay pension or health insurance. Am I doing anything illegal? Same goes for my cleaner. Auntie’s answer: I took your question to the […]
Collecting pension does not equal retirement
Do the recent changes in the Pensions Law and the adjustment of the retirement age from 60 to 65 have the effect of extending the working years for anyone that will be 60 later this year? Auntie’s answer: That is a really good question because the answer will probably affect – and surprise – many […]
