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National Pension Holiday Comes to an End – 30 September
The national pension holiday comes to an end on 30 September 2022. Employers, employees and self-employed persons will once again resume mandatory pension contributions as required by the National Pension Act (2012 Revision). The deduction of pension contributions resumes on 1 October 2022 and the payment of the mandatory 10% pension contributions is due by the 15th of November and thereafter every month going forward.
Pursuant to an Order, Cabinet exercised its powers by virtue of section 3 definition of “year’s maximum pensionable earnings”, and issued a new Order, to expressly indicate that the maximum pensionable earnings for the remaining 3 month period of 2022, be on a pro-rated basis.
The proportioned figure is CI$21,750, which represents twenty-five (25%) of $87,000, the maximum pensionable earnings for an entire year.
Deputy Director of Pensions, Amy Wolliston says “The National Pensions (Maximum Pensionable Earnings) Order, 2022 has been approved by Cabinet in order to provide clarity for the working population and their employers on the amount for which pension contributions are due for the remainder of 2022. Furthermore, employees and employers are reminded that any contributions paid during the pension holiday were considered voluntary and are not included in the 2022 earnings maximum.”
Contact DLP@gov.ky or call 945-8960 with queries or further information.
Issued by: Department of Labour and Pension (CIG)