Public Service (Restrictions After Retirement) Law (Amendment – Cooling-Off Period for a Public Employee in Financial Authorities) Bill

What does the bill do?

The bill amends the Public Service (Restrictions after Retirement) Law by extending the cooling-off period – the period in which a retiree cannot deal with matters related to their previous position – from one year to a year and a half for a senior employee of a regulatory authority overseeing financial bodies, and from one year to two years for the head of such an authority. The bill also limits the power of the permits committee to shorten the period to special reasons only, to be recorded. In addition, the bill provides that the permits committee will not take into account the retiree's refraining from working at the body they plan to move to, and appoints the Minister of Justice to propose compensation for retirees due to the restrictions that apply to them. The amendment will apply to anyone who takes up a position six months after the law is published.