Page 4 - JAMVAC Newsletter - MAR 2022
P. 4

Jamaica Launches Historic



               Scheme for over 10,000

                 Registered Workers

           “There is no other country in the world that has
          a comprehensive tourism workers pension plan.

                    Tourism Minister, Hon. Edmund Bartlett

        In January 2022, Jamaica launched   The Tourism Workers Pension
        its historic Tourism Workers        Scheme is arguably the most
        Pension Scheme (TWPS) for over      significant human capital devel-
        10,000 registered tourism workers.   opment initiative in the history
        The TWPS is the first of its kind   of Jamaica’s tourism sector.
        in the world and was designed
        to be inclusive covering workers,   The Tourism Workers Pension
        entrepreneurs, and stakeholders     Scheme is a defined contributory
        across sectors.                     plan supported by legislation and
                                            requires mandatory contributions
        After  more  than 14  years  of     by workers and employers. It is
        planning, consultation, and         designed to cover all workers ages
        advocacy, the scheme is now a       18–59 years in the tourism sector,
        reality, with just under half of the   whether permanent, contract or
        JA$1 billion committed in govern-   self-employed. This includes hotel
        ment seed funding, disbursed to     workers and people employed in
        start the scheme. In speaking at    related industries, such as craft
        the launch, Jamaica’s Tourism       vendors, tour operators, red cap
        Minister, Hon. Edmund Bartlett      porters, contract carriage opera-  their benefits without being penal-
        commented that, “we are pleased     tors, and workers at attractions.   ised or losing any of their contri-
        to announce that $43 million has    Benefits will be payable at age 65   butions.
        been earned by the fund since       or older. It will allow thousands of
        we placed it in the management      tourism workers to look forward    It’s an exciting time for tourism
        Sagicor Life Jamaica and Guardian   to a financially secure retirement   workers, entrepreneurs, and
        Life Ltd…a pension fund the size of   and is expected to benefit some   stakeholders working together
        what this is likely to be will create   350,000 employees in the tourism   through initiatives like this scheme
        a body of capital that is going to   sector immediately. An important   to secure a brighter, financially
        change the ability of more people,   feature of this pension scheme    secure future in a rapidly chang-
        more institutions to be able to     is that it allows workers to move   ing world.
        create wealth.”                     around within the industry, taking

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