President Wavel Ramkalawan chaired a scheduled meeting of the Cabinet today, Thursday 30th June at which a number of policy and legal memoranda were considered.
Cabinet approved the legislative framework that will give power to the Financial Services Authority (FSA) to supervise private and public pensions. The private pensions include schemes whereby employers deposit contributions into a bank account to be paid out at a later date to their employees as a pension. It will also include situations where the employers offering private pension schemes for their staff to reinvest the contributions to be paid out at a later date. The public pension scheme is managed by the Seychelles Pension Fund. Individuals may also contribute to a private pension scheme.
The Financial Services Authority will administer the law governing pensions and its regulations through the registration, authorization and licensing of such schemes. It will ensure sustainability of the funds, assess and identify risks through a risk-based supervision framework established as guided by international standards.
Cabinet considered a proposal to draft a Private Security Services Bill. Cabinet expressed serious concerns on the current state of the provision of private security services in the country and requested that immediate measures should be taken to address the urgent issues discussed.
In this context, while work was being undertaken on the drafting of the new Bill, Cabinet took a resolution for the Seychelles Licensing Authority, in conjunction with the Commissioner of Police, to immediately carry out registration of all private security companies in the country. The security firms and their staff will be vetted, and necessary actions, including immediate deportation of illegal workers, will be undertaken. Penalties will be imposed for deviation from the law.
As part of the law revision project being undertaken by the Law Revision Commissioner under the Statute Law Revision Act, Cabinet approved the amendments to the Immovable Property (Transfer Restriction) Act, Cap 95; Land Registration Act, Cap. 107; Curatelle Act, 2021; and Civil Code of Seychelles Act, 2020.
The Immovable Property (Transfer Restriction) Act, Cap 95, clarifies that an Association in which one or more members are non-Seychellois, whether registered in Seychelles otherwise, needs to apply for sanction in order to purchase land in Seychelles.
Amendments to the Land Registration Act, Cap. 107, clarifies aspects of the transmission of immovable property on death. The amendments also address issues in relation to landowners granting easement/right of way on their private land for public use.
The Curatelle Act 2021 will be amended to ensure that the seal of the Curator is recognized; and clarifies certain matters relevant to the revocation or dismissal of an executor.
The Civil Code will be aligned with the Curatelle Act by making it clear in the Civil Code that the Curator has powers to make orders in relation to the appointment of a fiduciary or executor.
In the context of the rising cost of living, the Cabinet also finalised a range of measures to alleviate hardships to citizens. The measures will include special financial assistance to employees with an income of less than SR9,000 per month; the introduction of a maximum retail price for essential commodities, enhanced school meal services, and assistance with the payment of electricity bills. These and other measures will be explained in a statement to the National Assembly on Tuesday 5th July by the Minister of Finance, accompanied by the Minister of Youth, Sports & Family, and the Minister of Education.
It will be followed by a Press Conference/on the matter.