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.