May 2025
20May

Jamaica. Senate Passes Legislation to Grant Certain Public Officers Option of Retiring Before Age 65

The Senate has passed legislation granting public officers born between August 1, 1961 and February 28, 1963, the option of retiring before reaching age 65 while still receiving full benefits. Minister of Education, Skills, Youth and Information, Senator Dr. the Hon. Dana Morris Dixon, piloted the Pensions (Public Service) (Amendment and Validation) Act 2025 through the Upper House on Friday (May 16). The Bill seeks to validate and confirm, as lawful, all the actions and omissions made by any person in...

May 20, 2025
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19May

Nigeria. NAICOM advocates long-term financial planning to enhance retirement security

The National Insurance Commission (NAICOM) has urged individuals to prioritise long-term financial planning and risk management to ensure a stable and secure retirement. Olusegun Omosehin, Commissioner for Insurance (CFI)/Chief Executive Officer, National Insurance Commission (NAICOM), who stated this at the 2025 Inspenonline Retirement Summit in Lagos, underlined the need for proactive retirement savings and investment strategies. Omosehin, who was represented by Julius Odidi, Lagos Director of NAICOM, emphasised that individuals must prioritise long-term financial planning to mitigate challenges associated with inflation,...

May 19, 2025
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15May

Jamaica. Pension assets climb to record $811b

The Financial Services Commission (FSC) is advising pension fund managers to be cautious in their investment decisions so as to safeguard the retirement savings they administer. It comes against the backdrop of changing trade and immigration policies in the United States that the pension regulator said could impact the local economy, given the trade relationship between the two countries and Jamaica’s reliance on foreign aid for development purposes. Jamaica’s private pension market reached a record $810.97 billion in assets under management...

May 15, 2025
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09May

Jamaica. House Approves Pension Reform, Grants Early Retirement with Full Benefits for Public Officers

The House of Representatives, on Tuesday (May 6), passed legislation granting public officers born between August 1, 1961 and February 28, 1963 the option of retiring before reaching age 65 while still receiving full benefits. The Pensions (Public Service) (Amendment and Validation) Act 2025 was piloted by Minister of Finance and the Public Service, Hon. Fayval Williams. The Bill also seeks to validate and confirm, as lawful, all the actions and omissions made by any person in relation to the grant...

May 9, 2025
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April 2025
14Apr

Jamaica. Gov’t worker arrested for fraud after pension funds go missing

Detectives assigned to the Constabulary Financial Unit (CFU) of the Counter Terrorism and Organised Crime Investigations Branch (C-TOC) arrested an administrative assistant at a government establishment on Thursday, April 10, following an investigation into alleged fraudulent pension payments. The CFU team visited the establishment at about 10:00 am and apprehended a 49-year-old woman from a Garvey Meade address in St Catherine. The investigation revealed that between March 2017 and May 2018, another government body reportedly made seventeen (17) payments totalling just...

April 14, 2025
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07Apr

Jamaica. How will tariffs impact retirement?

It is a tumultuous time for world economies. With the raging tariff war, which is likely to trigger another round of high inflation, investors and retirees face more uncertain times. I recently had separate discussions with two individuals from opposite ends of the age spectrum; one seeking assistance with planning for retirement and the other needing financial advice to navigate the retirement years. The 36-year-old employee was concerned with the time value of money, while the retiree wrestled with how...

April 7, 2025
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March 2025
24Mar

Jamaica’s ageing population: are we ready for the silver wave?

Recent discussions about Jamaica’s declining birth rate have sparked national debate, but another pressing demographic shift remains overlooked , the rapidly ageing population. While efforts to address low birth rates are important, the growing number of seniors presents complex challenges that require urgent attention. According to the Ministry of Health and Wellness, approximately 17 per cent of Jamaica’s population will be aged 60 and older by 2025, an increase from 12 per cent in previous years. This figure is projected to...

March 24, 2025
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September 2024
19Sep

Jamaica. Low birth rate could affect country’s development goals

RESPECTED former public servant Reginald Budhan says if the fall in Jamaica’s birth rate continues unabated, the island’s vision for developed country status “will remain a dream”. Jamaica’s Population Health Status Report 2000–2022, which was tabled in Parliament in May, showed that the country continues to face a low birth rate problem with the total number of live births in the country declining sharply over the last 20 years. Overall, it said Jamaica’s crude birth rate, which is the number...

September 19, 2024
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March 2024
04Mar

Revolutionizing Retirement: How TWPS is Pioneering Pension Participation in Jamaica

In a groundbreaking move, the Tourism Workers Pension Scheme (TWPS) is setting a new standard for pension schemes, aiming to significantly boost retirement participation among Jamaica's tourism workers. Differentiated by its inclusivity of both employed and self-employed individuals and bolstered by government support, TWPS is driving towards a membership goal of 20,000 in the current year, overcoming initial setbacks caused by the COVID-19 pandemic. Unique Features and Strategic Goals The TWPS stands out by covering workers in the private sector, with...

March 4, 2024
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August 2023
02Aug

Bill extending retirement age of DPP, AuG now in effect – Jamaica Observer

The Bill extending the tenure of the director of public prosecutions (DPP) and the auditor general (AuG) came into effect on Monday, July 31 after it was signed by Governor General Sir Patrick Allen. Despite objections from Opposition Members of Parliament last week, the constitution was amended by legislators to increase the retirement age of the DPP and the AuG. The current DPP, Paula Llewellyn, will be 63 this September. Both she and the AuG were appointed in the same year,...

August 2, 2023
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