Hashtag: #Covid19Finances

Minister: Further Economic Relief Measures

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

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

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

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

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

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

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

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

Minister Updates On Covid-19 Economic Plan

Minister Updates On Covid-19 Economic Plan

The pandemic has “unleashed both a global health emergency and an unprecedented economic crisis of historic magnitude,” unbudgeted Covid-19 expenditures for this fiscal year are estimated to be $70-$80 million, and Covid-19 will also cause a major decline in Government revenues, Minister of Finance Curtis Dickinson said. Speaking in the... Read more of this article

‘One-Time Withdrawal Of Up To $12,000′

‘One-Time Withdrawal Of Up To $12,000′

“We will expand the scope of existing provisions for financial hardship to include a one-time withdrawal of up to $12,000, from person’s individual pension accounts,” Premier David Burt said. Speaking at last night’s [May 6] press briefing, Premier Burt said, “On Friday, the House of Assembly will meet to pass legislation that will... Read more of this article

Over $15 Million Paid In Unemployment Benefit

Over $15 Million Paid In Unemployment Benefit

Over $15 million has been paid out as part of the unemployment benefit programme since its launch on March 25th, Minister of Labour, Community Affairs and Sports Lovitta Foggo said. Speaking during last night’s [May 4] press briefing, Minister Foggo said, “Last week some 2,500 applicants who have not previously received the payment of... Read more of this article

Covid-19: AON Global Staff Take Pay Cuts

Covid-19: AON Global Staff Take Pay Cuts

Due to the impact of the ongoing Covid-19 pandemic on the global economy, AON’s Named Executive Officers, as well as its Board Of Directors, are reducing their salaries by 50 percent “in order to preserve operational flexibility,” with some others within the company expected to see a pay cut of approximately 20 percent. In an open... Read more of this article

BEDC: Details Of Business Assistance Programme

BEDC: Details Of Business Assistance Programme

The BEDC has released details of their loan and grant relief programmes to assist small and medium sized businesses, and said that applications will be available beginning on Wednesday, April 22. A spokesperson said, “The Bermuda Government, BEDC’s Board of Directors, and BEDC recognize the economic impact Covid-19 has had on local businesses,... Read more of this article