Contributory Pensions Temporary Amendment Act
Passed
Simplified for You
What this bill does
This bill allows workers, employers, and self-employed people in Bermuda to temporarily stop paying their mandatory pension contributions from July 1, 2020 to June 30, 2021. It was designed as emergency relief during the COVID-19 pandemic to help people and businesses keep more money in their pockets during financial hardship.
If Passed (Voted Yes)
Workers can choose to stop paying into the government pension system for one year by notifying their employer in writing
Employers can suspend their portion of pension contributions with employee agreement, providing immediate cost savings for businesses
Self-employed people can pause their pension payments by notifying the Department of Social Insurance, freeing up cash flow
People who suspend payments can voluntarily make up the missing contributions later if they choose
If Rejected (Voted No)
All workers, employers, and self-employed people must continue making their regular pension contributions as required by law
No temporary financial relief from pension payments during the economic difficulties caused by the pandemic
Businesses and individuals cannot reduce their mandatory contribution expenses during this period
Who It Affects
This affects all working Bermudians - employees, employers, and self-employed people who normally pay into the government pension system. It particularly benefits those facing financial hardship during COVID-19 who need to preserve cash flow.
Vote counts are not published.
The Bermuda Parliament does not publicly record individual vote counts or how each member voted.
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Related Bill
Contributory Pensions Temporary Amendment Act
Download bill PDF