Tourism Workers' Pension Scheme development advanced

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Tourism Workers' Pension Scheme development advanced

Friday, August 23, 2019

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KINGSTON, Jamaica — Permanent Secretary in the Ministry of Tourism, Jennifer Griffith, says plans are advanced for the establishment of the Tourism Workers' Pension Scheme by early 2020.

She advised that details pertaining to the accompanying Tourism Workers' Pension Act regulations, and recruitment of personnel to manage the scheme's investments and operations, are being finalised.

“We are well advanced with the actual work and expect this component to be completed by January [2020] for full roll-out of the scheme early in the New Year,” the Permanent Secretary informed.

She was speaking at a recent Jamaica Information Service (JIS) Think Tank at the Agency's Head Office in Kingston.

Griffith said other components of the scheme to be developed include the recruitment of a Fund Manager and Administrator, and appointment of a Board of Trustees.

She advised that the Board will comprise persons with the requisite expertise to spearhead the process of administering the scheme, and provide oversight.

The permanent secretary emphasised that consequent on the potential for the Fund's growth, “we need to ensure that it is very well managed and that we get the best returns possible so that the scheme will be viable and will grow over time”.

“So we see ourselves being preoccupied in the upcoming months. We are fully committed to the work to be done and very thankful to all who have been working with us,” Griffith added.

The pension scheme is a defined contributory plan supported by legislation, and will require mandatory contributions by workers and employers.

It will cover all workers in the tourism sector, from 18 to 59 years, whether permanent, contractual or self-employed. Benefits will be payable at age 65 years or older.

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