$250 million to be pumped into Tourism Workers’ Pension Scheme
Edmund Bartlett (file photo)
Some $250 million is to be pumped into the Tourism Workers’ Pension Scheme that is slated to come on stream in January 2020.
Tourism Minister, Edmund Bartlett, made the announcement at a pension sensitisation session with hotel workers at Royalton Negril on Wednesday, and gave the assurance that the funds will be disbursed as soon as a fund manager has been appointed.
“We are well on our way to implementing the pension scheme and currently the board of trustees is in the process of procuring a fund manager and fund administrator. As soon as the fund manager has been appointed, $250 million will be disbursed to seed the fund so that if workers have contributed for only five years and reach their retirement age of 65, they will get a guaranteed minimum pension,” said the minister.
The scheme is designed to cover all tourism workers between the ages of 18 and 59 years. It will cover permanent, contract and self-employed workers in the sector. This includes hotel workers, as well as persons employed in other tourism sub-sectors, such as craft vendors, tour operators, red cap porters, contract carriage operators, and workers at attractions.
“This landmark Tourism Workers’ Pension Scheme is a carefully strategised arrangement that forms part of the ministry’s overall human capital development strategy in the sector. The pension scheme is the final cap in that strategy to ensure a social security safety net for our workers at retirement,” Bartlett said.
Registration for the scheme is scheduled to begin in January 2020.