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) Law 2020 (“the Amendment”), in accordance with section 1(3) of the Amendment relating to the pension holiday, has been extended for an additional three months.
Cabinet has granted an approval for the pension holiday to expire on 31 December 2020 during which time all employers and employees will not be required to pay pension contributions into their pension plans.
Persons are reminded that the Emergency Withdrawal provisions within the Amendment are due to expire on the 31st October 2020, as this section of the Amendment will not be extended.
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