(CMR) The Department of Labour & Pensions (DLP) reminds employers and employees that the current pension holiday ends on 30 June 2022. As a result, the deduction of pension contributions resumes on 1 July 2022, and the payment of the mandatory 10% pension contributions is due by the 15th of the following month.
In March, Premier Wayne Panton said, “While it has been helpful to individuals and businesses to suspend the pension requirement during the past two years, we are now at a point in time where it is in the best interest of employees to resume the funding of their pensions.”
The pension holiday was implemented to allow companies to have more cash to cover expenses such as payroll and health insurance contributions. In contrast, employees would have more funds available to assist with their living expenses during the pandemic.
Contact [email protected] or call 945-8960 with queries or further information.