Clients of BritCay pension services began receiving their pension withdrawals this week as mandated in recent government legislation.
BritCay reports that since it reopened its offices this morning (Monday June 22nd) it had already paid out USD $9.4M with additional payments of USD $8M expected to be paid later today.
In a statement Monday, the company said, “Since the passage of the legislation on 1st May, BritCay has received more than 9,900 pension withdrawal applications – a number that initially swamped our systems and workforce.”
It says the payments are the first of an estimated $70 million disbursement by BritCay “to help our members weather financial hardship and uncertainty created by COVID-19 job and work losses.”
Payments will continue to be issued daily over the next few weeks in keeping with the timelines stipulated by the pension amendment legislation.
“We hope these payments will help you during this very challenging time.”
The early pensions withdrawals of up to CI$ 10,000 were authorised by Government under the new National Pensions (Amendment) Law, 2020.6.22.
The law was rushed through the Legislative Assembly as a means of offsetting financial burdens by private-sector workers due to the economic slowdown caused by the COVID-19 crisis.
Many persons were forced out of work during the period of the near three-months lockdown.
Most businesses, except for those providing essential services were closed to curtail the spreading of the coronavirus.
Cayman is now gradually returning to some semblance of normal business activity.