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Premier: Country should consider axing pension requirements for work permit holders, employers

Premier Hon. Alden McLaughlin calls for the country to rethink its pension laws. He suggests the possibility of not mandating work permit holders and their Caymanian employers to pay into pensions. 

Mr. McLaughlin made the comments in last week’s sitting of the Legislative Assembly. 

Work permit holders under the current law are required to pay into a pension fund and employers are required to match their contributions up to six percent, Mr. McLaughlin said. 

He says why should both parties be forced to pay if they don’t want to? 

“Because this is a huge additional cost to employers but it is also a significant administrative cost and problem for the country generally,” Mr. McLaughlin said. 

Mr. McLaughlin stressed the idea is his alone and says Government has not made a decision on the issue. 

Some legislators — including some across the aisle — voiced support for the idea. George Town Central MLA Kenneth Bryan says he believes such a move would make expatriate workers more attractive to employers. 

About the author

Kevin Morales

Kevin Morales

Cayman 27 News Director Kevin Morales is an award-winning journalist with more than 12 years of experience. Kevin is a Milwaukee, Wis., native. He graduated with a bachelor's degree in journalism in 2005 from the University of Minnesota. He's a proud father and a loyal fan of the Green Bay Packers, Milwaukee Brewers, Milwaukee Bucks and U of M Golden Gophers.

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