As announced by the Hon. Deputy Premier on June 16, Cabinet by way of an Order, in accordance with section 1(3) of the National Pensions (Amendment) Act 2020, has extended the national pension holiday until 31 December 2021.
The Department of Labour and Pensions reminds the public that during the extension period employers and employees will not be required to pay mandatory pension contributions into pension plans. As with the previous pension holidays, Government Owned Companies and Statutory Authorities are excluded from the Order.
The Department of Labour and Pensions further advises that voluntary pension contributions can be paid into pension funds if such payments are agreed between the employer and employee.
For further information email us at admin@pensions.ky or call 745-7630.