BackCayman Islands Complaints Commissioner Nicole Williams reports that, since 2010, a total of 1,144 businesses failed to pay into the private sector retirement system, thus owing a total of 13.7 million Cayman dollars to their current or former workers.
Investigation of the Cayman Islands Complaints Commissioner revealed that 70% of the employers were either not willing or not able to pay into the retirement system as required by law. As a consequence, the money is now missing from pension funds.
Complaints Commissioner Williams warned for future consequences and announced to report those businesses who failed to make their requested contributions.
For more details, please visit the local newspapers reporting on this matter (see related links below).
