BOSL encourages early preparations for retirement

Bank of Saint Lucia encourages members of the workforce, especially young people, to consider early preparations for retirement. The Bank launched its WISE Retirement Savings Account, to support efforts at saving for a more comfortable retirement in the future.

Recognizing the continued pressures faced by households particularly over the last two years, the WISE account was built on the philosophy of saving a little today to bring more benefits tomorrow. Customers will benefit from an attractive interest rate and the prospect of profit sharing, in planning for their financial future.

Senior Manager Retail Banking, Arletta Rate Mitchel stated that “This retirement solution is designed with our valued customers in mind. The plan beings with a minimum of EC$100, and minimum monthly contribution of $100.00. Customers can choose to have their plans mature at either age 55 and 65. This is why we encourage our young people, especially those new to the workforce, to consider planning and saving for retirement. I would like to stress that of course, the more funds we have available at retirement, the more comfortable things would be for ourselves and our families in the future. “

Senior Fund Manager, Shaiiede Kallicharan also stated that “Customers who participate in the BOSL WISE Retirement Account will benefit from profit sharing. The account is also an approved
supplementary pension plan under the Income Tax Act in Saint Lucia which means that customers can enjoy tax credits of up to $8000 annually.”

Customers and the general public who are interested in opening a BOSL WISE Retirement Savings Account can visit retirement.bankofsaintlucia.com.