by Adam Stauffer, CFA, Offshore Investment Advisor
After 35 years without revision, the territory enacted a new labour code, Labour Code 2010 on October 4, 2010. As with most change, the new code is not without critics. One controversial section on Retirement Benefits has scared many employers. Their fears are warranted, given the gloomy state of the economy and slow pace of recovery. However, there are steps employers can take to minimize the impact to their bottom line.
With the average life expectancy steadily increasing, retirees find themselves in the bittersweet position of having to make their savings last longer so they can enjoy their longer lives. The retirement benefits section is one way to address the issue. However, it is by no means an end all—everyone should have a retirement strategy in writing and save accordingly.
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