CICOC 2022 - Pension Holiday Survey

PENSION SURVEY

Q1 Which best describes your position?

Answered: 101

Skipped: 0

Executive Management...

Management

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ANSWER CHOICES

RESPONSES

Executive Management (owner/director)

66.34%

67

Management

33.66%

34

TOTAL

101

Q2 My business/employer employs: Answered: 101

Skipped: 0

Fewer than 5 employees Between 5 and 15 employees Between 16 and 25 employees Between 26 and 50 employees Between 51 and 100 employees 101 employees or more 0%

10%

20%

30%

40%

50%

1/4

60%

70%

80%

90%

100%

PENSION SURVEY ANSWER CHOICES

RESPONSES

Fewer than 5 employees

21.78%

22

Between 5 and 15 employees

36.63%

37

Between 16 and 25 employees

13.86%

14

Between 26 and 50 employees

8.91%

9

Between 51 and 100 employees

6.93%

7

101 employees or more

11.88%

12

TOTAL

101

Q3 Please indicate industry sector: Answered: 101

Skipped: 0

Financial Services Tourism Construction/de velopment/re...

Merchant/Retail /Wholesale Business/Profes sional Services Health Care Non Profit/Assoc...

Other (please specify) 0%

10%

20%

30%

40%

50%

2/4

60%

70%

80%

90%

100%

PENSION SURVEY ANSWER CHOICES

RESPONSES

Financial Services

13.86%

14

Tourism

8.91%

9

Construction/development/real estate

16.83%

17

Merchant/Retail/Wholesale

14.85%

15

Business/Professional Services

21.78%

22

Health Care

4.95%

5

Non Profit/Association

1.98%

2

Other (please specify)

16.83%

17

TOTAL

101

Q4 My business/organisation supports extending the suspension of mandatory private sector pension employer contributions on July 1, 2022.

Answered: 101

Skipped: 0

Yes

No

Undecided

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ANSWER CHOICES

RESPONSES

Yes

71.29%

72

No

26.73%

27

Undecided

1.98%

2

TOTAL

101

Q5 If yes, what period of extension would you recommend: Answered: 101

3/4

Skipped: 0

PENSION SURVEY

Three months

Six months

One year

N/A

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ANSWER CHOICES

RESPONSES

Three months

8.91%

9

Six months

39.60%

40

One year

38.61%

39

N/A

12.87%

13

TOTAL

101

Q6 Comments?

Answered: 34

4/4

Skipped: 67

PENSION SURVEY

Q6 Comments?

Answered: 32

Skipped: 67

#

RESPONSES

DATE

1

The cessation of pension contributions to employees' pension accounts for more than 2 years will have a significant impact by lowering employees' retirement benefits/income.

6/23/2022 10:12 AM

2

Business has not yet fully recovered due to higher costs & tourism not yet stabilized. Further increases expected with fuel costs and interest rates.

6/23/2022 9:02 AM

3

with current rising prices in fuel, electricity and groceries, resumption of pension deductions will be an added stress at this time.

6/23/2022 8:17 AM

4

They could let those who make less than $150000 per year stay suspended for a year and the other income start back, not everyone needs to start back

6/23/2022 2:35 AM

5

Companies should contribute to pension as part of benefits. This is similar to 401k

6/22/2022 9:15 PM

6

Given the current economic climate it would be beneficial to both employers and employees to monitor this until the end of the year and then reassess.

6/22/2022 8:29 PM

7

With cost of fuel going up the pension holiday would further assist staff with the increase in cost.

6/22/2022 5:48 PM

8

Bank Interest rates, prices etc have gone up , until inflation falls it will be very difficult for staff to start paying pensions again.

6/22/2022 4:55 PM

9

I know this would help our staff make ends meet, to continue to the end of the year, as many are now in a recovery period for their finances. Starting in January 1.

6/22/2022 4:54 PM

10

To 31st December 2022. HOWEVER, use that time to address some of the problems with the current Law and Regulations. This is long overdue. The Pensions Department and Board are asleep at the wheel it seems. The current Minister and Ministry seem to be too busy or do not have any interest in the important subject of Pensions/Retirement Planning reform and strengthening. WE ARE KICKING THIS CAN DOWN THE ROAD FAR TOO LONG. WE ARE LOOKING AT DIRECT INCOME TAX STRAIGHT IN THE FACE IF WE DO NOT SOON MAKE IT A PRIORITY TO SORT OUT PENSIONS AND HEALTH INSURANCE PROPERLY...AND WITH PROPER (BUT NOT INDEFINITE) PUBLIC CONSULTATION.

6/19/2022 8:27 PM

11

Our organization continued to pay the employer pension contribution voluntarily for all employees for the entire pension holiday period. However, I recognize that this was not possible for many employers. I support giving these small business owners the additional help in surviving until the next "high season" by further extending the pension holiday period.

6/19/2022 4:35 PM

12

I am a three year old small business and with the increase in prices over the last year 10% between me and employees is going to kill us.

6/18/2022 8:08 AM

13

Our employees are grappling with the ongoing effects of inflation locally.

6/17/2022 6:12 PM

14

It would be good for US nationals who are employed in Cayman to receive statements that reflect realized capital gains in addition to interest and dividend income in their statements.

6/17/2022 4:56 PM

15

The current climate is just too volatile ,and the spread of the current construction boom , is basically contained within the labour market , and this is fueled by work permits, to which those benefits do not remain here locally, plus the current cost of business is way too high ,and if arecssion hits we will be in way over heads.

6/17/2022 3:01 PM

16

We are still below the break-even point

6/17/2022 2:16 PM

17

Pension payments are important for securing a sustainable future after retirement and of which employees may not always see the benefits. Therefore the holiday should not be prolonged for an extended period.

6/17/2022 1:31 PM

18

Employees

6/17/2022 12:53 PM

1/2

PENSION SURVEY 19

Employees need to have pension protection.

6/17/2022 12:34 PM

20

Take this opportunity and revamp the whole system. Withdrawals should be permitted based on contributions, not a set amount of $1300 (approx) per moth across the Board.

6/17/2022 12:28 PM

21

Need time to address the excessive inflation. CUC, Food, Gas, and Interest rates are increasing at the same time employee's take-home pay will be reduced by 5%. This also goes for businesses!

6/17/2022 12:05 PM

22

Do to the current economic high inflation, high food, rent, fuel and day to day living costs which there is no end in sight. I recommend extending the pension suspension.

6/17/2022 12:01 PM

23

I think with inflation and interest rate increases an extension will help people survive

6/17/2022 11:58 AM

24

Most staff are unable to afford the mandatory 5% as inflation grows.

6/17/2022 11:45 AM

25

With interest rates increase cost of living increases, retaining more cash in our business will be welcome. We glean no enthusiasm from our staff about the reintroduction of pensions in July.

6/17/2022 11:42 AM

26

I think with the looming recession and cost of living in Cayman employees and employers need the additional break. We can’t all be a Civil Servant and get not only a COLA increase but a CUC stipend as well.

6/17/2022 11:41 AM

27

Not supporting extension

6/17/2022 11:38 AM

28

Also we should not be force to pay pension for expat employees who will leave the island and not retire here.

6/17/2022 11:37 AM

29

We should resume normality as far as possible

6/17/2022 11:37 AM

30

Please extend the suspension of private sector pension employer contributions. It is a huge expense to a small business and I am not ready to begin these payments again yet.

6/17/2022 11:36 AM

31

The pension suspension has been very helpful but an extension is needed now as business faces inflationary challenges and growing costs. Our landlord is looking at 25% rent increase!

6/17/2022 11:36 AM

32

cost of living, gas prices, it is just getting too much for people to handle

6/17/2022 11:34 AM

2/2