The ‘Tourism Workers’ Pension Scheme’ has launched a much long-awaited pension scheme at the Montego Bay Convention Centre in St James.
The multi-billion-dollar project is governed by two major insurance companies, Guardian Life, the administrator and Sagicor, the investment manager. It is about to cover around 360,000 tourism workers.
Moreover, the Jamaican government has promised to pump $1 billion into the scheme, as said by the scheme’s chairman, Ryan Parkes, as a monumental achievement.
Further, while addressing the tourism workers, Parkes said, “they must be provided with a chance to reap the fruit of the hard work they did during their retirement years.
He further asked every eligible tourism stakeholder to not to miss the chance to join the pension scheme.
Parkes further added that, “Retirement saving is tax-free and is designed to have a more secure retirement for yourself and families.”
Guardian’s president Eric Hosin further led his comments by describing the scheme as a major game-changer.
“This scheme will not just empower the workers, but the society and their communities, and everyone in Jamaica is going to be impacted by this scheme,” he said while addressing the gathering, which includes the Minister of Tourism, Edmund Barlett, his Permanent Secretary, Jennifer Griffiths, and the scheme’s trustees.
He added that the pension scheme represents a symbol of hope by ensuring that tourism workers, who are currently not a part of a superannuation fund or approved retirement scheme, have financial security during retirement.
“This scheme brings a sense of relief to them as they come to know that they along with their family members no longer have to worry about the future after retirement.”