Bartlett to announce Board of Trustees for tourism pension scheme

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Bartlett to announce Board of Trustees for tourism pension scheme

Monday, September 23, 2019

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KINGSTON, Jamaica — Tourism Minister Edmund Bartlett is set to announce the appointment of a Board of Trustees for the recently passed landmark Tourism Workers' Pension Scheme.

The scheme is designed to cover all categories of workers ages 18-59 years in the tourism sector, whether permanent, contract or self-employed.

“The Board of Trustees, which will comprise of a mix of highly capable stakeholders from the public and private sectors, will play a critical role in the management of the Scheme starting with the review of the regulations required to make it operational,” said Bartlett in a statement from his ministry.

The Board's mandate will also include management of all moneys paid, or assets transferred into the scheme and the appointment of a Fund manager.

The pension scheme, which was passed in Parliament in July, has also received the assent of the Governor General, Sir Patrick Allen.

In highlighting the importance of this next phase of the pension scheme, Bartlett said: “The appointment of the Board of Trustees will take us one step closer to making the act come to life and speaks to the government's commitment to human capital development. This pension Scheme will secure the safety, future and social requirements of the people who work in it.”

The Tourism Workers' Pension Scheme will receive $1 billion in funding from the Tourism Enhancement Fund (TEF) and benefits will be payable at age 65 years or older.

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