February 2022
10Feb

Jamaica. Tourism pension fund likely to grow faster than traditional funds – Goffe

The Ministry of Tourism (MOT) indicates that, as at December 31, 2021, the value of assets managed by Sagicor Life Jamaica on behalf of the Tourism Workers Pension Scheme was approximately $506 million. At the launch of the scheme, Minister of Tourism Edmund Bartlett said he expected the fund to grow to $100 billion by 2023 and to reach $1 trillion in 10 years. The management of the assets of the scheme falls under Sagicor's managed pension portfolios which as at...

February 10, 2022
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January 2022

Jamaica launches historic tourism pension scheme
14Jan

Jamaica launches historic tourism pension scheme

Jamaica’s tourism industry made history on Wednesday with the launch of the long-awaited Tourism Workers Pension Scheme (TWPS). Read also Estonia. State to provide option of increasing second pension pillar deposits The scheme is expected to, directly and indirectly, benefit hundreds of thousands of people employed in the industry. Read also Wages and pensions fall in Uruguay due to economic policy A defined contributory plan supported by legislation, the pension scheme will require mandatory contributions by workers and employers. Read also Jamaica. Informal Sector...

January 14, 2022
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December 2021

Jamaica. Informal Sector Workers to Get NIS Benefits
07Dec

Jamaica. Informal Sector Workers to Get NIS Benefits

For the first time, Jamaica’s household helpers and fisherfolk will be able to secure pension benefits under the National Insurance Scheme (NIS) as the Government moves to formalise these sectors. This will be facilitated under the Transition to Formality Action Plan, which will see this segment of workers being able to access health and life insurance, pension and other facilities to provide them with security and protection in their work environment. The Action Plan, which was officially launched by Minister of...

December 7, 2021
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September 2021
27Sep

Jamaica. The nation is facing a retirement crisis

A social pension is a non-contributory cash income that is given by the Government to the elderly. In July of this year, the Jamaican Government launched an $800,000,000 social pension geared at providing guaranteed income to senior citizens 75 years and older who don't have retirement income or disability benefits. Recipients are entitled to a monthly payout of $3,400. But, can this paltry sum suffice in an economy of rising prices? The nation is indeed facing a retirement crisis. With...

September 27, 2021
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10Sep

Jamaica. John Robinson Is New Chairman Of The FSC

The Ministry of Finance and the Public Service has announced that former Deputy Governor of the Bank of Jamaica (BOJ), John Robinson, has been appointed as the new chairman of the Financial Services Commission (FSC). Mr. Robinson is a career economist and banker with experience in the financial sector spanning more than three decades, 36 of which were spent at the BOJ up to his retirement in 2020 as Deputy Governor. During his tenure, Mr. Robinson held critical roles at the...

September 10, 2021
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July 2021
14Jul

Jamaica. Dead or alive? Pension payments continue

The Accountant General's Department (AcGD) is struggling to ascertain if some of its high-risk pensioners — aged 90 and over — are actually alive as it continues to make monthly payments to them. Accountant General Anya Jones says efforts to verify whether these pensioners are alive have been hampered by the novel coronavirus pandemic as officers of the department are sometimes barred from entering the homes of these individuals.The department has been paying out millions to pensioners, either without verification,...

July 14, 2021
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May 2021
17May

Jamaica. Senator proposes to scrap NIS contributory system

Opposition Senator Damion Crawford has proposed that a portion of the general consumption tax (GCT) collected by the Government be used to pay pensions. In his proposal to scrap the current National Insurance Scheme (NIS) contributory system, Crawford pointed out that many Jamaicans are reluctant to pay over funds to the NIS, and only about 20 per cent subscribe to any pension scheme. Many, he said, are left destitute when they reach retirement. Employees and self-employed persons are required to be insured...

May 17, 2021
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March 2021
08Mar

Jamaica. Ageing women face pension crisis

Kingston vendor Annie Ivey is just two years short of being 80 and has been working her entire life in different low-paying jobs but has never had a pension plan. She has no clue when she will retire. “Anytime mi cyah go nuh more. Mi nuh sick yah now, so me can work,” said Ivey, who has been vending in the Cross Roads Market for more than two decades. Ivey is among thousands of older Jamaican women who are facing the risk...

March 8, 2021
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February 2021
23Feb

Jamaica. $81 Million To Support Social Protection Strategy Project

A sum of $81 million has been allocated in the 2021/22 Estimates of Expenditure, currently before the House of Representatives, towards the continuation of the Integrated Support to the Jamaica Social Protection Strategy project. The initiative is being implemented by the Ministry of Labour and Social Security, through funding from the Inter-American Development Bank (IDB). It aims to support, protect and promote the human capital accumulation of the Programme of Advancement through Health and Education (PATH) beneficiaries. It also seeks to strengthen...

February 23, 2021
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October 2020

26Oct

Jamaica. Alternative investments a must for the modern portfolio

Alternative investments have been creating quite a buzz in the financial market as investors contend with the effects of a global pandemic, geopolitical risks, and the resulting impact on the performance of traditional assets such as stocks and bonds. This roller coaster experience in traditional asset prices caused by the aforementioned factors is expected to become the new normal but has negative implications for long-term financial goals. As a result, the search for investments in assets in non-traditional spaces, which...

October 26, 2020
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