60% of Jamaicans have no pension cover — Burchenson
VICTORIA Mutual Group owned Prime Asset Management and the Private Sector Organisation of Jamaica will be staging its 8th Annual Pension Seminar aimed at examining strategies for increasing pension coverage in Jamaica.
The event will be held on Wednesday, September 29 at the Jamaica Pegasus Hotel, Kingston. It comes on the heels of the recently held Victoria Mutual Economic Forum, where head of Prime Asset Management Rezworth Burchenson urged all stakeholders to actively move the entire workforce including contract workers into pension reform.
According to Burchenson, Jamaica is facing a dilemma where 60 per cent of persons in the workforce are without pension coverage and have never contributed to the National Insurance Scheme.
He added that VM has decided to explore the strategies and approaches adopted by developed and developing countries to broaden their pension coverage at this year's seminar under the theme 'Changing the Outcome: Bridging the Pension Gap'.
"The need for greater pensions coverage is particularly important as it may result in Jamaicans being left without income in their twilight years and increased pension liability for the country which affects our economic development. It is therefore critical to address this, and that will be our focus at this year's seminar," said Burchenson.
Keynote speaker for the event is Kelly Peters, CEO/Managing Partner of BEworks Inc. Peters will explore the concept of 'nudging' and its applicability to solving the challenge of low workforce participation in pension plans. He will also share examples of similar initiatives and review the outcomes and challenges.
The annual Prime Asset Management/PSOJ Pensions Seminar was created to raise awareness of the importance of retirement planning for all Jamaicans. To date numerous, stakeholders and interest groups in the pension industry have participated, receiving valuable information from experts who share their knowledge, expertise and experience.