Bartlett to give details of tourism pension plan today
KINGSTON, Jamaica — Minister of Tourism, Edmund Bartlett, will detail some provisions of a new bill that will facilitate the long awaited pension scheme for tourism workers, when he speaks in the annual Sectoral Debate at Gordon House today.
Bartlett had projected to have the Bill ready for tabling in the House of Representatives today, which is still likely dependent on the availability of printed copies. However, in the meantime, he is complimenting the actuary Daisy Coke, a committee including the Jamaica Hotel and Tourist Association (JHTA) members, the Office of the Chief Parliamentary Counsel (CPC), the Financial Services Commission (FSC) and the Legislative Committee of the Cabinet, for completing the document.
The pension scheme is expected to be a defined contributory plan which will require mandatory contributions from both workers and employers, and will cover all workers aged 18-59 in the tourism sector, whether permanent, contracted or self-employed and benefits will be paid at the age of 65 and over.
The decision to include contract workers is major development which should be welcomed by the trade union movement, while self-employed workers should like the idea of being eligible for the pension. Contributions will be three per cent of gross salary from the workers, matched by five percent by the employers.
The Ministry of Tourism will be providing $1 billion seed money, so that immediate benefits can be accrued to qualified pensioners who have met the vested period of five years.
Bartlett is also expected to focus on housing for workers in the industry, boosted recently by Tourism Enhancement Fund (TEF)/Housing Agency of Jamaica(HAJ) contribution of $1 billion for upgrading housing solutions for the workers, and the acquisition of 250 acres of land by the TEF, which has been handed over to the HAJ, towards a Brownfield development and a Greenfield housing project in the Grange Pen area of St James.
In addition, it is expected that 12,000 new rooms will be added to the country’s stock of hotel rooms over the next five years, according to the minister.
Balford Henry