Your Contributions
You and your employer are required to contribute an amount that, when combined, equals 10% of your earnings (up to a maximum earnings of CI$60,000 a year). Your employer’s share must equal at least 5% of your earnings. If your employer contributes more than 5%, your share of the total 10% contribution will be reduced accordingly.
These contributions – referred to as your basic contributions – are deposited in a member account set up in your name.
Your employer will make the contributions on your behalf once each month.
If you are self-employed
Self-employed individuals must contribute a minimum of 10% of their pensionable earnings. You will need to calculate your contributions and remit those contributions on the first business day of each month.
Contributions can be made in Cayman Islands or US dollars. Contributions received in Cayman Islands dollars will be converted to US dollars at the rate of $0.8325. There are no foreign exchange fees or commissions charged for this service.
In addition to basic contributions, you can make additional voluntary contributions (AVCs). These are contributions over and above the required basic contributions. Learn more about AVCs. |
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