KINGSTON, Jamaica (JIS) – The Ministry of Labour and Social Security, in association with the National Council for Senior Citizens (NCSC), will be staging a series of seminars to encourage persons to plan for retirement from an early age.

Labour and Social Security Minister Shahine Robinson, will be launching the series on August 10 at Medallion Hall Hotel, in Kingston.

Acting Executive Director of the NCSC, Cassandra Morrison, said that the seminars aim to educate persons on the value of planning for retirement early, as many persons do not plan for that event.

“The council over the years has recognised that persons are scarcely prepared for retirement. The retirement seminar series is aimed at preparing persons from an early stage for retirement, so when they get to that stage, they are better prepared for it financially, socially and spiritually, so they can age in a healthy way and remain active,” she said.

Between August and September, the council will be hosting one-day seminars in each parish, targeting persons between 18 and 50 years of age.

Morrison said that persons who are part of the informal sector – domestic workers, unregistered farmers and self-employed persons earning menial income – are at high risk of not having a pension in their old age.

The seminars will be held under the theme ‘On the Road to Retirement: Activate Your Action Plan Now’.

Several topics will be covered, including health, savings and investment, the psychosocial aspects of aging and relationships, estate planning, making a will, savings and investments, how to own a home, the importance of insurance, and furthering your education.

Meanwhile, the Acting Executive Director is urging Jamaicans to participate in the National Insurance Scheme (NIS), to ensure that more persons are able to benefit from the scheme.

“For most persons, the NIS benefit is the only contribution they make towards their retirement,” she noted.

The NIS, which falls under the Ministry, is a compulsory contributory funded social security scheme which offers financial protection to the worker and his/her family against loss of income arising from retirement, injury on the job, incapacity, and death of the insured.

Benefits under the scheme are retirement, widows’/widowers’, invalidity, special child, orphan and employment injury benefits, funeral grant and NI Health Plan. The scheme covers employed and self-employed as well as voluntary contributors.