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Pension benefits
12 Months Ended
Dec. 31, 2011
Pension benefits

20. Pension benefits

 

Pursuant to Cayman Islands law, staff pension plans are offered to all employees in the Cayman Islands. The plans are administered by third party pension plan providers and are defined contribution plans whereby the Company matches the contribution of the first 5% of each participating employee’s salary up to $72,000. The total amount recognized as an expense for this pension plan during the year ended December 31, 2011 was $161,853 (2010: $171,949 and 2009: $181,143).