Page 4 - JAMVAC Newsletter - MAR 2022

Jamaica Launches Historic
Tourism

Workers

Pension

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

4 J AMAIC A CRUISING ISSUE #4