Legal amendments to ensure banking services are provided for all, and a cap on fees paid to pension fund administrators – two items we have been told are coming in tomorrow’s Throne Speech.
Preparations have been taking place at the Cabinet building today, and Gary Foster Skelton was on site speculating on what else we may see in the next year’s legislative agenda.
Government has advised that banking laws will be amended to require that basic banking services are provided for all, to ensure that all residents have access to such services.
Furthermore, Government will introduce a cap on fees paid to pension plan administrators. Current fees have been found to be higher than in other jurisdictions.
The change could mean a Bermudian worker entering the workforce now would have an additional $75,000 in their pension at retirement.
As for what else may feature?…
Questions linger as to how we might continue the long, winding road to “affordable universal healthcare for all”? This was called an “unquestionable priority” in the 2020 speech.
The protections in the Landlord and Tenant Act still await the “greater balance” lauded in the 2022 speech. The Chamber of Commerce today called for such changes to come soon because “housing remains the main challenge to longer term economic growth and development plans for businesses”.
…and the pending Corporate Income Tax will play a role, as Government looks how to manage the potential windfall. Will we hear more about where that money will go?
The Throne Speech is scheduled to start at 10.30am, Friday November 8th at the Cabinet Building.
