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It is intended to place the regulation of pension plans and their administrators under CIMA in the same way it now regulates other financial services

The Hon. Rolston Anglin, JP

Published 14th July 2010, 12:4pm

In a series of statements to the Legislative Assembly on the 28 and 30 June, Minister of Education, Training and Employment, the Hon. Rolston Anglin, JP, expanded on his vision for the development of human capital and the administration of labour in the Cayman Islands. Reporting that this much-needed reform of labour and pension services has now moved beyond the conceptual stage, Minister Anglin advised that significant efforts are already underway to turn this vision into a reality. In the course of this process, some re-organisation of administrative structures will be necessary to better align functions and, in so doing, provide more efficient and effective services. As such, both the National Pensions Office (NPO) and the Department of Employment Relations (DER) will see some significant changes in the near future. The NPO, along with its governing National Pensions Board (NPB), is presently responsible for administration of the National Pensions Law (NPL). However, work is now well underway to divide regulatory responsibilities under this legislation between the Cayman Islands Monetary Authority (CIMA) and a new Department of Labour and Pensions (DLP). "It is intended to place the regulation of pension plans and their administrators under CIMA in the same way it now regulates other financial services," Minister Anglin explained. "However, the responsibility for ensuring compliance with the NPL and resolution of pension disputes between employer and employees will lie with the new DLP. "The DLP will function as a ‘one-stop shop’ to resolve individual disputes of rights for all labour issues including pensions," the Minister continued. "This will lead to workplace inspections aimed at ensuring compliance with both labour and pension legislation. It will also result in more efficient use of government’s human resources and create less operational disruptions for businesses." The proposed DLP will also assume responsibility for most labour law functions. However, job placement and oversight of the training necessary to effectively place job-seekers into meaningful employment, along with the research and statistics capacity to support this work, will be separated and located in a new Human Capital Development Agency (HCDA). Minister Anglin elaborated: "This new agency will manage workforce readiness. Its focus is to advance the potential of Caymanians by enhancing their skills, capacities and learning so they can take advantage of both current and future economic opportunities." In addition to job placement and oversight of associated training, such as the successful Passport2Success initiative, the new HCDA will also administer a national qualifications framework; deliver career planning and counselling services; and manage the scholarships secretariat. "Integration of these important operations into one agency, specifically dedicated to investment in our people and their futures, will better prepare Caymanians to take advantage of employment opportunities and to participate in the economic growth of these Islands," Minister Anglin concluded.