Bermuda Employment Conditions for Newcomers 165+ web files about Bermuda, regularly updated as a Gazetteer, focusing on this internally self-governing British Overseas Territory 900 miles north of the Caribbean, 600 miles east of North Carolina, USA. Effective August 1, 2012. The new weekly rate is $64.14 - Employer portion $32.07 and Employee portion $32.07. Applicable local law was the Contributory Pensions (Amendment of Contributions and Benefits) Order 2011. 2016, August 1. Bermuda’s seniors will be getting a 5 per cent raise in their pensions as of August this year — the first increase for five years. However, the hike will come at a cost for employees and employers.

Minister of Finance Bob Richards told the House of Assembly that contributions would go up by 7.5 per cent — meaning the worker will have to pay an extra $2.40 each week, the same as the employer. “After carefully reviewing the Contributory Pension Fund 2014 Actuary Report, I propose to increase CPF benefits and contributions by 5 per cent and 7.5 per respectively, effective August 2016, when benefits under the plan are traditionally amended,” said the minister. The maximum benefit is currently about $1,399.14 per month, said Mr Richards. Altogether, some 12,365 seniors currently receive benefits.

Mr Richards noted that the cost of living had increased by 7.9 per cent since August 2011, when the last increase was granted. He said: “Although the benefit increase does not fully cover the prevailing rate of inflation, the Government is of the view that this increase should meet the important policy objective to assist our seniors and strikes the right balance between fiscal and social responsibility. The 7.5 per cent increase in the contribution rate is based on actuarial advice and is intended to maintain the long-term viability of the CPF. The current policy is to increase contributions by 2.5 per cent more than any benefit increase awarded.

The 7.5 per cent increase represents a rise in contributions of $2.40 per week payable by the employee and an increase of $2.40 payable by the employer. The employer would be responsible for submitting the total weekly increase in contributions of $4.80 and would have the authority to deduct up to $2.40 from each employee.

As at March 31, 2016, the fund had total assets of over $1.623 billion, representing approximately 11.7 times the annual value of benefits paid in the 2014-15 fiscal year.” He noted the next actuary review of the CPF was scheduled for the period ending July 31, next year. “I wish to assure members, and more importantly, current and future pensioners that the Government is sensitive to the challenges facing pension plans of this nature and will endeavour to take the appropriate steps to enhance the benefits paid from the scheme as well as ensure the fund has the ongoing ability to pay for such benefits.” Mr Richards also told MPs that the financial performance of the CPF had exceeded expectations of the last three years. That, he said, was because of “higher investment returns, lower administrative and investment expenses, lower levels of inflation and lower net benefit/contribution cash outflow”.

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He explained the main purpose of the 2014 Actuarial Review had been to “consider the implications for future contribution rates of maintaining benefits at their present levels in real terms and to consider the long-term sustainability of the fund. The review includes projections of contribution income and expenditure (on benefits and administration), projections of the fund balance (allowing for an assumed rate of investment return), and projections of the number of years’ outgo secured by the fund.” The Contributory Pension scheme played an important role in Bermuda’s pension arrangements, he said, “providing a first tier or basic pension to more than 10,693 seniors and other beneficiaries the majority of whom live in Bermuda. There are also disability pensions, and non-contributory benefits.

Even though the actuarial review is an excellent tool in overall pension management, it is important to recognise that the financial projections for future years are based on reasonable assumptions and they should not be taken as forecasts of the outcome. The projections should be updated at successive actuarial reviews in light of the latest information available.” The main findings of the actuarial review was that the fund’s contributor base fell by 3 per cent due to the downturn in the economy.

And both the benefit and contribution rates remained unchanged during the three-year review period 2012 to 2014 except contribution rates were increased in August 2012. “Based on the population projection figures, the pensioner support ratio has declined marginally since the last review. The ratio was 4.4 in 2011 versus 3.9 in 2014.

The ratio is projected to decline to 1.5 over the next 50 years. The comparative ratio using the actual contributors and beneficiaries of the fund declined by 11.8 per cent from 3.4 in 2011 to 3.0 in 2014. This was due to the decline in the number of contributors as a result of high unemployment in the 2010/2011 period. Contribution income ($107.4 million) decreased by 8 per cent and benefit expenditure ($133.7 million) increased by 16 per cent over the three years since the last review.

Total expenses for the three years averaged 0.52 per cent of the average fund, down from 0.66 per cent over the previous three years. Pure administrative expenses averaged 0.24 per cent of the average fund over the three years and were 0.19 per cent of the average fund at the review date. As a percentage of contribution income, total expenses have been relatively stable over the last ten years at 7.7 per cent.

The net assets of the fund grew 18 per cent over the three years from $1,532.8 million to $1,802.3 million. This was 2.9 per cent above the projected value from the previous review. The fund earned a nominal rate of return of 7.2 per cent per annum and a real rate of return of 5.0 per cent per annum over the three years since the last review (6.6 per cent and 4.4 per cent respectively if investment and administrative expenses are excluded). This compares with the real rate of return assumption of 3.5 per cent per annum.

The Asset/Expenditure ratio is a static measure of the size of the fund to annual expenditure or the number of years cover provided by the fund based on the current annual expenditure. This ratio increased over the three years from 12.3 years to 12.6 years. Compared with 14 other regional social security schemes in a 2013 study, Bermuda’s ratio is better than 9 of these countries (average 7.5 years). By comparison, the ratio for the Canada Pension Plan in 2013 was 4.98 years. The viability of the fund in the short to medium term is good with the fund being able to cover at least 12 years of the current expenditure and being positive for the next 25 years. However, recognizing the long-term challenges of the fund the ministry will continue to closely monitor the performance of the fund.” There is a Contributory Pensions Appeal Tribunal. See When private corporate pensions are offered, they are in addition to the Government administered Contributory Pensions plan shown above.

Bermuda's Social Security compares badly to that of the USA which averages $1,550 in USA for persons have not worked for 50 years and, for those with a more modern and sustained employment history can quite easily be US$1,844 a month, or $2,180 a month at age 67 or $2,697 a month if a pensioner is healthy enough to wait until age 70 before drawing benefits. See the USA's. There is no standard rates file as pensions can vary appreciably.

Over 60s men do not get a Social Security pension until they are 65, if they qualify. At In the United Kingdom, some offices will supply immediately on request or within 24 hours by e-mail a 5-page 'Benefit rates for the Over 60s' guide showing a variety of rates for which individuals will be eligible depending on if and how they qualify - including men over 60. Or, if over 55 (not 65) they can go directly to the UK Government for a Pension Statement. But this is not available in Bermuda.

In the UK, from April 1, 2016 the standard full amount of the State Pension for all who qualify will be £155.65 a week, about $988. It seems low but bear in mind the cost of living in Bermuda is well over 250% higher.

In Canada, each senior is paid an OAP/CCP by the Government. It offers overall what is probably the most humane and thoughtful system in the world. For those without any other source of income, Social Security monthly can be as high as Ca $2600.

For those with a substantial income from a private or teacher's pension or other sources, the OAP/CCP can be as low as Ca $400. Canadians are so lucky with their Health plan; and in Ontario seniors get free prescription drugs for over 1500 prescribed things! Their GST tax and other taxes cover much of it.

The plan gives peace of mind to Canadians. In comparison to social security benefits for its citizens who have paid taxes all their working life and beyond, Bermuda Government pensions for its employees or Members of Parliament are for far shorter periods of time, offer much bigger pensions and get regular cost of living increases. Seniors over the age of 65 and employed no longer have to pay Social Insurance contributions but employers must do so. Many pensioners exist solely on their Social Security because they do not qualify at all for any corporate pension, or their corporate pension benefits ceased when a spouse died. The cost in Bermuda for a private Senior Citizens home for the elderly is more than 7 times the average social security pension and can easily be as high as $95,000 a year. UK residents who have qualified via Bermuda employment (about 20 years, minimum) for a Bermuda Government Contributory Pension are paid monthly via the UK's Crown Agents. It deducts 5% as a handling fee, also deducts UK income tax.

(UK taxpayers can claim this back via HMRC if eligible). Others in the UK or elsewhere in the world who have worked in Bermuda since 1972 for a shorter number of years but do not qualify for the Bermuda Government Contributory Pension should still, at the age of 65, write to the Bermuda Social Insurance Department, as they may be eligible for a one-off payment for an amount based on how many contributory pension payments were (a) made by their Bermuda employer and (b) were duly recorded by the Department. According to the Bermuda Olympic Association, only persons who are Bermudians in their own right can represent Bermuda at the Olympics, Pan Am Games or Central American & Caribbean Games. But this qualification is unfair to persons not born in Bermuda, or born in Bermuda but not with a Bermudian parent, or a non-Bermudian spouse of a Bermudian. Spouses Spouses (not personal partners who are not legally recognized as such and have no legal rights in Bermuda) of incoming non-Bermudian working newcomers who are non-Bermudian will get a friendly and practical welcome from the International American Women's Club.

Despite its American name, it is not solely for newly arrived Americans. It is as active on behalf of other incoming nationalities. It will offer you useful advice, suggestions and tips to make your island life more pleasant. For further information, call (441) 236 5465 or (441) 291 0761. Non-Bermudian spouses arriving with their also not-Bermudian husbands or wives must find their own form of employment ().

It is not the responsibility of the employer of the husband or wife to find employment for the non-working spouse. This has to be done individually. Those from overseas who arrive married should note that in the event their husband or wife also from overseas separates from or divorces them in Bermuda, one of them may have to leave Bermuda prematurely. If they have children while in Bermuda but later separate or divorce, the Bermudian spouse will normally get preference in child custody, under Bermuda law. A non-Bermudian marrie d to a Bermudian will have to wait 10 years to apply for and meet certain conditions to obtain citizenship. In any other country, they can obtain citizenship rights within three years.

Taxes, direct and indirect and deductions from salary or wage Bermuda is often touted as a low tax jurisdiction by the global media, politicians, and both local and overseas tax regime revenue authorities. This image is misleading. Head hunters and recruiters often mislead potential new employees from overseas and say or imply that none of the following apply.

The truth is there is a bewildering complexity of largely hidden, but every day present, cost to the residents of Bermuda in innumerable stamp duties, consumption taxes, Foreign Currency Exchange tariffs, fuel surcharges, real property and trust conveyancing taxes, estate duty fees and so on. With all these taxes assessed at point of importation, layered on to foreign exchange transactions, added to mark-ups on retail purchases and mandatory on conveyancing of real estate and contracts, all these and more so-called tax duties translate to a minimum of 25 to 35 percent average tax on every working (and non-working) adult in Bermuda. Flat tax assessments predominate these revenue raising programs which means that those in lower income brackets absorb a disproportionately higher ratio of tax to earnings. From the year 2010 there may well be even more or increased taxes on the horizon, from the effects on the Bermuda government of the economic depression of 2008 and 2009. If so, they will hit struggling retailers, hoteliers, restaurateurs, downsized international businesses, construction companies, and landlords. Most likely candidates for higher taxes include foreign exchange, payroll, customs, stamp duty as well as implementing new taxes on dividends, rental income and other income sources, possibly even the introduction a new income tax regime. • the employee's share - up to 50% - of the employers and employees Bermuda Government's Payroll taxes levied on all employers.

A direct income tax on salaries and wages, paid by employers and employees. The more you earn in salary, the more the employer pays in Payroll Tax. It is a very substantial expense to Bermuda-based but international employers and their employees. Lord Hanuman Hd Images Free Download more. Yet some recruiters still say, incorrectly, that Bermuda has no direct taxes. Ask your proposed Bermudian or Bermuda-based international employer before you sign your employment contract and ask specifically about how much you will have to pay for: this. Everyone working is required by law to be covered.

Make sure contributions are made by your employer, fifty percent of which you pay for from your salary earnings. Unfortunately, some Bermudian (note that Bermuda-based but international employers are not Bermudian) and hotel local employers cheat both the government and employees by not paying up. • the employee's share - 50% - of the employers and employees Bermuda Government administered employers private pension plan. This can vary hugely from employer to employer but for some hotels can be $0.33 per hours worked. • the employee's share - 50% - of employers and employees contributions to the Bermuda Government's Social Security (Contributory Pensions) Plan for all employers and employees, in effect since 1970, currently (since August 1, 2006) $26.80 a week. It pays, on retirement age, appreciably lower Social Security pensions benefits than in the USA or United Kingdom or Canada) - and without any benefits before retirement if you as an expatriate become physically or mentally disabled and have assets over a certain dollar figure.

(Disability benefits in Bermuda do not exist for non-Bermudians). • the employee's share - which can also be 50% - of the employers and employees private Health Care Insurance Plan often (but not always) including Major Medical and Dental. Employees are not given a choice in this, they must go with the plan approved by the employer underwritten by a Bermudian insurance company. If an employee has an unemployed spouse, the employer concerned must bear part of this cost and may share the cost of insuring the spouse with the employee. The same cost responsibility and cost split applies in the case of dependent children of the employee. Expect to pay an ever increasing amount of the health insurance cost from your own pocket.

In early 2006, health insurance premiums rose by 18 per cent, on top of 13 and 11 per cent rises in the past two years. • Union dues. If applicable, if so from $10 a week. • Bermuda cell phone users pay a monthly tax included in their costs.

Tax Information Exchange Agreements See section by this name in. This has potential income-reporting to the tax authorities of their home countries implications for all non-Bermudians living and/or working in Bermuda.

Taxes payable overseas even if you live in Bermuda If you are a US citizen or green card holder or resident living and working in Bermuda, you will have to complete regular US tax returns and may be liable to US taxes. If you are from elsewhere, check with your country of citizenship or residence, not only for tax implications if any but also, such as in the UK, re pension and national insurance.

Be aware that the Bermuda Government has signed tax information exchange agreements with many countries which gives them the right to demand certain information from both the Bermuda Government and your Bermuda bank and/or depository. Transferring money Expatriates, unless they work for certain US companies, are normally paid their salaries in. If they wish to send money to friends of family in their home countries in a foreign currency they can do so by going to one of the, paying the market price for foreign exchange conversion and either buying a draft or arranging to have the money wired. The Bermuda Government charges a 1% value of the amount being transferred fee for all personal and corporate foreign exchange transactions. Warranties On all Bermuda-bought products, they are much lower than in North America or Europe. In the USA, some warranties on vehicles now extend as long as 10 years.

Most are for 3 years. But in Bermuda, most expire in 1 year. Welfare benefits None in Bermuda for non-Bermudians. Those who are from the UK will not find any UK-like benefits in Bermuda for giving birth to and raising children, or for unemployment and seeking work, or disability.

Women Expect to feel somewhat isolated initially. It is estimated expatriate men outnumber expatriate women by 2:1. If you are an expatriate male or female know that marriage to a Bermudian does not bring you any citizenship or voting rights until you have been both married and living together as man and wife for at least 10 years and have satisfied all other conditions. Note that marriage to a Bermudian who is a homeowner does not give the non-Bermudian spouse, on divorce, any automatic rights or half-rights to any real estate because of unique-to-Bermuda real estate laws re ownership of property by Bermudians and their non-Bermudian spouses. If you are an expatriate male or female, know that Bermudian men and women don't believe in shared custody of children after separation or divorce and will invariably demand that their children live in Bermuda.

Which means you'll need to fight this if you live outside Bermuda. Also know that if you divorce or separate from a Bermudian you could lose your Work Permit and residency at the request of the aggrieved Bermudian party. There are many Bermudians who in the past have been instrumental in getting the Bermuda Work Permits of their separated or divorced spouses revoked.

Single women who come to Bermuda to work should take due precautions. If you are female, expect lonely strangers to offer to buy you drinks. It is very expensive to drink alcohol in Bermuda. Be extremely careful as drinks could be and often are spiked. Under no circumstances should any female accept a ride or lift from anyone she does not know.

There have been some gruesome horror stories, such as the case of Rebecca Middleton (see under ' Rebecca Middleton' in ). Records - court cases and the lack of them, or their verdicts - indicate serious problems. Visitors and residents have been raped and murdered with no long-term repercussions to the guilty.

When court cases are held, jurors who are mostly men find the accused not guilty. Single women, or those who go places alone in Bermuda, do so at their own risk. Sexual assault is the most difficult crime to prosecute in Bermuda. A man's past criminal record for this is not permitted under Bermuda law to be brought up. A woman's defence can be turned into a character assassination of her. Bermuda shares with Britain the infamous developed world record of having less than 4% of rape allegations resulting in convictions.

Unlike in the USA where this is routine, there are no specially trained rape prosecutors. (In the USA, they have improved rape convictions to a rate now 75%). Nor is there any dedicated Rape and Abuse Support group. The British and Bermudian rate of convictions would not be tolerated in the USA. Work Permit violations and penalties In June 2013 Home Affairs Minister Michael Fahy announced plans to strengthen the Department of Immigration's enforcement powers on work permit violations. The Chief Immigration Officer now has specific authority to impose civil administrated penalties. The objective is to introduce progressive disciplinary measures for employers who violate the Act.

Two specific civil penalty regimes now apply. This includes the establishment of absolute offences which will be dealt with as ticketable offences and also non-ticketable offences wherein civil penalties will be pursued by the courts.

Fines for less serious offences will be up to $5,000 for work permit violations. The courts however, have the authority to issue fines up to $25,000. Working from home in Bermuda NB: Non-Bermudians who work from home for Bermuda-based employers are required to have Work Permits, if they don't already have them for their employer at their place of work. In the USA, Canada, Europe, etc it has long been accepted and even approved by their tax authorities that working from home, using computers and the internet or in other ways digitally or otherwise, is not a privilege but a right. In Bermuda, it is regarded legally as a privilege, not a right. Workmen's Compensation Expect to be insured locally for this as the responsibility of your employer.

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