Column: MP Jache Adams On Throne Speech
[Opinion column written by MP Jache Adams]
The Progressive Labour Party [PLP] has always believed in fairness as the foundation of a strong and inclusive Bermuda. Over the years, we have implemented many policies designed to make Bermuda fairer, including reducing payroll taxes for 86% of our workers, creating a minimum wage to ensure fair compensation, and increasing seniors’ pensions to keep up with inflation. These initiatives show our commitment to helping Bermudians keep more of their hard-earned money and reducing income inequality. But we know more must be done to reach those Bermudians who are not feeling the benefit of the island’s progress and to make Bermuda fairer for all of us.
Bermudians have faced, for far too long, increased fees and interest rates as local banks report increased profits. These skyrocketing expenses are hurting the most vulnerable amongst us, adding to their financial struggles. On top of this, we were disheartened to learn that some of our fellow Bermudians are being denied access to basic banking services. In today’s digital world, having a bank account and debit card is no longer a luxury but a necessity for everyday life. From paying bills and receiving wages to making purchases and managing finances, being denied these basic services creates an unnecessary burden. We are determined to fix that.
The PLP is advancing amendments to the Banks and Deposit Companies Act of 1999, requiring banks to make basic services available to all residents. New regulations will also place caps on banking fees, ensuring fees are appropriate and are not just used to boost profits. Bermudians deserve access to fair, affordable banking, and these changes are a step towards ensuring everyone can safely and affordably manage their finances.
The Throne Speech also confirmed important reforms to Bermuda’s private pensions. Since the National Pension Scheme was introduced by the UBP in 1998, pension administrators have collected an estimated $500 million in fees — money that could have been in the retirement accounts of hardworking Bermudians. We will introduce regulations to cap fees for pension administrators and pass the benefits on to Bermudians by increasing retirement savings by as much as $75,000 for workers entering the workforce today, but all those who are still working and saving for retirement will benefit. By capping pension fees, we are ensuring that Bermuda’s workers keep more of their earnings for a more comfortable and dignified retirement.
To support long-term financial stability, the PLP is also committed to enhancing financial literacy across Bermuda. Financial knowledge is an essential part of financial fairness, empowering people to make informed decisions about saving, spending, and investing. The Ministry of Finance will launch a financial literacy survey, followed by a comprehensive financial literacy campaign in partnership with pension administrators. These initiatives will equip Bermudians with the tools and information to secure their financial futures, aligning with our broader mission to promote fairness and opportunity for all.
The PLP’s commitment to financial fairness is clear. Through reforms to banking, pensions, and financial literacy, we are building a Bermuda where everyone has a fair chance to succeed. These initiatives go beyond addressing current inequities; they lay the groundwork for an economy that works for every Bermudian. Together, let’s continue to build a fairer, more equitable Bermuda for all.
- MP Jache Adams, Constituency 19 – Pembroke West
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