News

Pension law impact, workers leaving Ritz.

Jul 14, 2017 News

Pension law changes take effect at year's end and some say ex-pat workers are leaving the island before it impacts them. Ritz manager Marc Langevin says the hotel is feeling the effects, as over 50 staff members have left. The new changes prevent expatriate workers from receiving their pension in cash when they leave the country and from the end of 2019 payouts will be only available at the retirement age. That means everyone who wants to have access to their pensions in hand within two years will have to quit their jobs by the end of 2017. "There is certain people, they made a decision because that is not how they intended to stay on the island and they bailed out because sometimes they come from country where the pension was not transferable back and they were, and that was their personal decision to leave," said Ritz-Carlton General Manager, Marc Langevin. Also part of the changes, the retirement age increased from 60 to 65.