Pension Holiday Period Extended for an Additional 6 Months
To further aid in the rebound of the Cayman economy and to alleviate the financial strain the pandemic has had on industries, the National Pensions (Amendment) Act 2020, in accordance with section 1(3) of that Law relating to the pension holiday, has been extended for an additional 6 months.
Cabinet has granted an approval for a further extension of the pension holiday period now to expire on 30 June 2021, during which time all employers and employees will not be required to pay into pension plans.
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