Education Campaign on Tourism Workers’ Pension Scheme

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Jamaica News: The Government will be undertaking an educational campaign surrounding the Tourism Workers’ Pension Scheme.

Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Pearnel Charles Jr., made the disclosure while closing the debate on the Tourism Workers Pension Act, 2019, in the Senate recently.

He said that the “process of putting together that public education schematic that will be used to communicate this campaign across the country has already started”.

He noted that the Minister of Tourism, Hon. Edmund Bartlett, has held meetings with workers in Kingston and Ocho Rios and intends to host sessions in Montego Bay and other areas across the country.

Meanwhile, Senator Charles Jr. described the Bill, which was passed with seven amendments, as a “game changer” in improving the welfare of tourism workers.

The Tourism Workers’ Pension Scheme is in keeping with the Government’s focus on creating a social security network within the sector.

It is one component of a three-pronged human capital development plan for industry workers, which includes training and capacity-building.

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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 aged 18 to 59 years in the tourism sector, whether permanent, contract or self-employed. Benefits will be payable at age 65 years or older.

The Ministry of Tourism is providing $1 billion to seed the fund, so that immediate benefits can accrue to qualified pensioners who have met the vested period of five years.

The Financial Services Commission will be responsible for regulatory oversight of the Scheme, in accordance with the provisions of the Tourism Workers Pension Act, the Pensions (Superannuation Funds and Retirement Schemes) Act and the Financial Services Commission Act.

 

Source: JIS News

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