Premier Alden McLaughlin criticizes the pensions law saying he’s not satisfied with the amount of money pensioners are able to withdraw.
The premier said his administration has already started to tackle the pension scheme introduced two decades ago by introducing last year’s amendments to the pensions law.
He said more changes are needed in order to provide senior citizens with financial flexibility.
“The scheme that we have is inadequate really in terms of what it pays so these are issues that we have started to address with our amendments to the pensions law in Cayman but those will really help the next generation.
i say the next generation,” The Premier explained.
As of January most pensioners could take out $12,480 dollars per year.