Hashtag: #Covid19Finances
Video: BNV Discussion On Bermuda’s Economy
[Updated with video] At approximately 2.00pm today [July 1] Craig Simmons, Cheryl Packwood, and Nathan Kowalski will be joining host Don Burgess for another Bernews News & Views video, discussing the island’s economy and the impacts of Covid-19. The pandemic “unleashed both a global health emergency and an unprecedented economic crisis of... Read more of this article
Payroll Tax Relief For Restaurants And Bars
The Ministry has provided information on the payroll tax relief for qualifying restaurants and bars, with payroll tax to be set at a zero rate during the quarter ending 30th June 2020. A spokesperson said, “The Ministry of Finance has agreed that during the quarter ending 30th June 2020, payroll tax will be set at a zero rate for both the Employer... Read more of this article
HSBC Does Not Charge A Fee For UB Cheques
In response to a question that was asked during the Monday [June 22] Covid-19 Update press conference, the Ministry of Finance confirmed that “HSBC Limited does not charge a cheque cashing fee for Unemployment Benefit cheques.” A spokesperson for HSBC said, “We can confirm that the cheque cashing fee is not charged for Unemployment Benefit... Read more of this article
Minister: Open Letter To All Public Officers
Minister of Finance Curtis Dickinson sent an open letter to all Public Officers explaining the island’s financial situation and saying their “support is vitally important to our country’s success.” Open Letter Minister Curtis Dickinson said, “Dear Public Officers: Open Letter to All Public Officers – Our Economic Status “Our... Read more of this article
Colonial To Assist Clients With Pension Refund
Colonial Pensions Services will be “assisting existing pension plans and/or local retirement product members” in their application for a “temporary refund of their pension funds.” A spokesperson said, “In response to the Covid-19 pandemic and the National Pension Scheme [Occupational Pensions] Act 1998, Colonial Pensions... Read more of this article
Can Apply For Pension Funds Starting June 1st
Starting on Monday, June 1st, persons will be able to make application for their funds, Minister of Finance Curtis Dickinson said in reference to the new legislation which will allow people to withdraw up to $12,000 of their pension. Speaking at last night’s [May 28] press briefing, Minister Dickinson said, “The public would be aware that the Government... Read more of this article
Minister: $32M Paid In Unemployment Benefit
The Government has paid the unemployment benefit to over 9,000 people for a total cost of approximately $32 million, and over 2,600 individuals who were previously receiving benefits have now returned to work. Speaking at last night’s [May 28] press briefing, Minister Dickinson said, “This week, I authorized unemployment benefit payments... Read more of this article
Finance Minister: Covid-19 Economic Plan
[Ministerial statement by Minister of Finance Curtis Dickinson] Mr. Speaker, I rise this morning to provide this Honourable House with an update on the Ministry of Finance COVID-19 Fiscal Plan and the formation of Government’s new COVID-19 Economic Advisory Committee. Mr. Speaker, in my Ministerial Statement of 8th May, 2020, I advised this Honorable... Read more of this article
Minister: Further Economic Relief Measures
“The Government has implemented further emergency measures to assist businesses that have a pressing need for financial relief as a result of this pandemic,” Minister of Finance Curtis Dickinson said. Speaking on the Unemployment Benefit programme that is already in place, the Minister said, “We will now have paid benefits to over... Read more of this article
Bermuda’s Politicians To Take 12.5% Pay Cut
Revisions to Parliamentary pay will be tabled in the House of Assembly, with Parliamentarians set to take a 12.5 percent reduction, Premier David Burt said. Speaking at last night’s press briefing, Premier David Burt said, “Following our meeting of Cabinet yesterday and after conversations with both the Government’s backbench and... Read more of this article
BHA Request UB Extension, Amendments
The Bermuda Hotel Association has asked the Bermuda Government that consideration be given to three specific areas “that will ensure the future reopening and sustainability of our key industry through these turbulent times.” In a letter sent to the Premier, BHA CEO Stephen Todd said, “On behalf of the Bermuda Hotel Association... Read more of this article
Employment Impact Of Covid-19 In Bermuda
Total Research Associates Limited [TRA] recently conducted a pulse survey to determine the employment impact of Covid-19 in Bermuda, saying that approximately four in ten have experienced a reduction in their number of work hours, one-third have seen a reduction to their salary or pay and one-quarter of islanders [excluding those who are retired] have... Read more of this article
Video: Finance Minister & BEDC Director
Constant borrowing won’t lead to a favourable outcome, we all have to work together to get through this crisis, as far as our economic recovery ‘everything is on the table except those things that are not on the table’ and entrepreneurs need an ‘agenda for action’ Those are some of the things we heard today as Minister... Read more of this article
OBA Senate Leader On Pension Withdrawals
“Please think carefully before withdrawing your retirement money,” OBA Senate Leader Marcus Jones said in reference to the newly-approved legislation which allows a person to voluntarily withdraw up to $12,000 from their pension plan, with Senator Jones adding that they understand some desperately need access to monies and there are simply... Read more of this article
Senate Approves Pension Withdrawal Bill
The Senate passed legislation allowing a person under the age of 65 who participates in a private pension plan to voluntarily withdraw up to $12,000, and the legislation will now be sent to the Governor for his signature. Speaking at last night’s [May 13] press briefing, Finance Minister Curtis Dickinson said, “I am pleased to confirm that today... Read more of this article
Bill To Allow Pension Withdrawals Up To $12K
[Updated with PDF] The House of Assembly passed legislation, which will enable a person under the age of 65 who participates in a private, defined contribution pension plan or local retirement product, to voluntarily withdraw up to $12,000, the Deputy Premier explained, with the Bill set to head to the Senate tomorrow. Speaking at last night’s [May... Read more of this article
