Minister Bartlett to announce Board of Trustees for landmark Tourism Workers’ Pension Scheme
Jamaica‘s Tourism Minister Hon. Edmund Bartlett, is defined to announce the appointment of a Board of Trustees for the recently passed landmark Tourism Workers’ Pension Scheme. Made to cover all workers ages 18-59 years in the tourism sector, whether permanent, contract or self-employed, the Scheme shall cover all types of workers.
“The Board of Trustees, which will include a variety of capable stakeholders from the general public and private sectors highly, will play a crucial role in the management of the Scheme you start with the overview of the regulations necessary to ensure it is operational,” said Minister Bartlett.
The Board’s mandate includes management of most moneys paid also, or assets transferred in to the Scheme and the appointment of a Fund manager. In July the pension Scheme that was passed in parliament, has received the assent of the Governor General also, His Excellency probably the most Hon. Sir Patrick Allen.
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In highlighting the significance of the next phase of the pension Scheme, Minister Bartlett said, “The appointment of the Board of Trustees will need us one step nearer to making the act become more active and speaks to the government’s commitment to human capital development. This pension Scheme shall secure the safety, future and social requirements of the social individuals who work inside it.”
The Tourism Workers’ Pension Scheme will receive $1 billion in funding from the Tourism Enhancement Fund (TEF) and benefits will undoubtedly be payable at age 65 years or older.