Sagicor to Manage Tourism Workers Pension Fund Government Hands Over $250M

Sagicor to Manage Tourism Workers Pension Fund Government Hands Over $250M

April 22, 2020

Via Jamaica Observer

Tourism Minister, Edmund Bartlett says the Government has handed over $250 million of the $1 billion committed to the Tourism Workers Pension Scheme to newly-selected fund manager, Sagicor Jamaica Limited.

“The long awaited Tourism Workers Pension Scheme has reached another milestone. We can now announce that we have an investment manager, which is Sagicor and finalising arrangements with a fund administrator,” the minister said.

Bartlett said he is currently awaiting approval from the House of Representatives in regards to the regulations, which will pave the way for the scheme's implementation, once industry workers return to their jobs.

“The well-being of our workers in the industry remains a priority for us at the Ministry of Tourism. We are forging ahead with this scheme because we want to ensure that after the coronavirus has passed, the pension programme will be in place,” he added.

According to the ministry, the pension scheme is a defined contributory plan supported by legislation and will require mandatory contributions by workers and employers.

The Tourism Workers Pension Scheme is designed to cover all workers ages 18-59 years in the tourism sector, whether permanent, contract or self-employed.

The ministry noted that this includes hotel workers as well as persons employed in other tourism sub-sectors 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.

The Ministry of Tourism is providing $1 billion to seed the fund, so that immediate benefits can accrue to qualified pensioners, who have met the vested period of five years.

According to the ministry, the pension scheme is a defined contributory plan supported by legislation and will require mandatory contributions by workers and employers.

The Tourism Workers Pension Scheme is designed to cover all workers ages 18-59 years in the tourism sector, whether permanent, contract or self-employed.

The ministry noted that this includes hotel workers as well as persons employed in other tourism sub-sectors 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.

The Ministry of Tourism is providing $1 billion to seed the fund, so that immediate benefits can accrue to qualified pensioners, who have met the vested period of five years.