Government’s decision to allow people to withdraw some of their pension funds during the pandemic last year has meant almost half a billion dollars being pumped into the economy, with final figures recently being announced.
Emergency pensions withdrawals were permitted under the Department of Labour and Pensions National Pensions (Amendment) Act 2020, put into law last year to help people deal with the financial strain caused by the shutting down of the economy during lockdown and the subsequent economic fallout out following the closure of Cayman’s borders and tourism industry. At the final count, these withdrawals amounted to a total of CI$489,258,534.65.
According to a release by the Government, this figure was just over $45.79 million from the initial figures released in late 2020, but now that all pension administrators have submitted their final withdrawal figures, the Department of Labour and Pensions have released this final figure. In addition, they also advised that a total of 53,361 applications were received, of which 43,090 were approved and 10,271 were rejected.
The ability for people to withdraw from their pension accounts came to an end on 31st October 2020.