“Quick wins” to boost the economy by growing the international business sector are now being considered, the finance minister said.

Curtis Dickinson announced the news as part of an update on unemployment benefits, the Economic Advisory Committee and the National Pension Scheme.

Mr Dickinson said at the Covid-19 press conference last night: “At its most recent meeting held last week, the Economic Advisory Committee focused on quick wins which could stabilise and/or grow the international business sector, a significant contributor to public and private-sector income in Bermuda.

“Also, the EAC has focused on additional proposals which could assist the hospitality and retail sector, which employs a significant number of employees and whose short-term prospects are still quite dire.”

Mr Dickinson said that both Moody’s Investors Service and Standard & Poor’s had affirmed Bermuda’s ratings.

“These ratings actions serve as an independent endorsement of the actions we are taking to mitigate the impact of Covid-19, however we realise there is far more work to do in addressing the unprecedented challenges posed Covid-19.”

Additional amendments will be made to the National Pension Scheme (Occupational Pensions) Act 1998 and regulations to increase the scope of coverage and provide additional access to plan members, he said.

This will be achieved by removing the requirement for someone who is a member not to be retired for those seeking a $12,000 refund, by removing the requirement for persons to be retired for those seeking a 25 per cent refund, and by removing the requirement for persons to be retired for those seeking a small pension refund.

Mr Dickinson said: “The Government recognises persons with financial need should not be restricted based upon whether they have retired or not.

“The main criteria in the types of refunds I have just mentioned should be whether they have met the age requirement or not.”

• To view the statement from the Minister of Finance, click on the PDF link under “Related Media”