The Department of Labour & Pensions (DLP) advises employers, employees and self-employed persons that the national pension holiday ended on 30, September 2022.
As a result, the deduction of pension contributions resume on 1 October 2022 and the payment of the mandatory 10% pension contributions is due by the 15th of the following month.
Since the national pension holiday occurred during the first nine months of 2022, the amount on which pension contributions are due (the year’s maximum pensionable earnings) has been prorated for the last three months of 2022.
From 1 October to the 31 December 2022, employees, employers and self-employed persons are required to pay mandatory pension contributions on their earnings up to CI$21,750, as approved by the National Pensions (Maximum Pensionable Earnings) Order, 2022.
Contact DLP@gov.ky or call 945-8960 with queries or questions.