Workers in Bermuda will now be able to further dip into their pension pot to offset personal financial woes caused by the pandemic.
Legislation has been adopted allowing for an additional $6,000 withdrawal following the initial $12,000 approved last year.
They will also now be able to do so for an additional year from this July to June of 2022.
To date, about $120 million has been withdrawn from the pension fund by persons struggling to make ends meet in the economic downturn caused by the pandemic.
Bermuda’s Minister of Finance, Curtis L. Dickinson said the government recognises that “there are still people finding it extremely difficult to make ends meet”.
But he urged persons considering a pensions withdrawal to carefully balance their remaining years to retirement alongside their current financial situation before making a decision.