Under the Cayman Islands Pensions Act, both you and your employer must contribute to your pension plan. Here's what you need to know:
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Contribution Amount:
- The total contribution should be 10% of your earnings.
- This is capped at a maximum annual earnings limit of CI$87,000.
- Your employer must contribute at least 5% of your earnings.
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What Counts as Earnings:
- Included: Wages, salary, leave pay, fees, commissions, and any bonuses that are more than 20% of your basic wage or salary. Gratuity payments from your employer are also included.
- Excluded: Severance payments, retirement or long-service recognition payments, and health insurance premiums.
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