Tourism sector workers, now aged 59, will get the full 200 hundred thousand dollars (1304.83 USD) a year pension pay out, when they retire at 65.
The Government of Jamaica is providing J$1 billion(652 416.78 USD) to seed the fund so that immediate benefits can accrue to qualified pensioners who have met the vested period of five years.
The Tourism Workers’ Pension Scheme is the biggest human capital development game-changer in the history of Jamaica’s tourism sector. It will allow thousands of these workers to look forward to a financially secure retirement.
The pension scheme is expected to immediately benefit some 350,000 employees in the sector.
It is designed to cover all tourism workers ages 18-59, whether permanent, contract or self-employed. This includes hotel workers as well as persons employed in related industries, such as craft vendors, tour operators, red cap porters, contract carriage operators and workers at attractions. Benefits will be payable at age 65 years or older.
Participants in the plan are protected by State legislations, with the financial service’s commission managing the surveillance and regulatory framework so as to safe guard against breaches and unscrupulous behaviour.
Also, a tourism worker is to be included on the TWPS BOARD OF TRUSTEES.