Saving towards old age a must
A prominent feature of under-development is the inadequacy — and in some cases the complete absence — of planning for the future.
In Jamaica, that weakness is very evident in the approach to how we treat the more vulnerable groups in the society, including the young and old, especially those falling low down on the socio-economic ladder.
Indeed, the treatment of those most vulnerable provides a very accurate measure of a society’s efficiency.
Against that backdrop, this newspaper takes note of word from Information Minister Ms Fayval Williams that Cabinet has approved the tabling in Parliament of a white paper for a revision of the National Policy for Senior Citizens, first adopted by Jamaica in 1997.
Administered through the National Council for Senior Citizens (NCSC), under the Ministry of Labour and Social Security (MLSS), the policy is meant to help the elderly “participate actively in a society that guarantees their rights, recognises their capabilities and contributions, and facilitates their enjoyment of a life of fulfilment, health and security”.
Ms Williams tells us that an important focus of the revised policy is the high level of poverty among older people in Jamaica — many of whom operated in the informal sector throughout their working lives, with no provision for a pension or financial independence in later years.
In fact, current estimates suggest there are 350,000 Jamaicans over 60 years old. That number is growing rapidly. Many of those are very poor people who continue in their senior years to operate in the informal sector as breadwinners for younger relatives, through activities such as household work, farming, vending, and the like.
Spokespersons for successive governments have been saying for many years that those in the informal sector need to pay more attention to providing for their later years. However, we believe that not enough has been done to actively push and promote such targeted saving schemes.
Even for those in the formal sector, current pension arrangements — including the under-pressure National Insurance Scheme (NIS) — are notoriously insufficient.
Director of the Mona Ageing and Wellness Centre Dr Denise Eldemire-Shearer argues that there has to be attitude change towards saving for old age.
“We need to convince people that tomorrow will follow today. Therefore, we have to find ways as 30-year-olds and 40-year-olds to make preparations for tomorrow…” says Dr Eldemire-Shearer, who has spent much, if not most, of her adult life dealing with issues involving the aged.
It seems to us that a key element going forward must be a structured educational component focused on the very young. If we are to start planning for the future, not just for 2030 but for decades to come, children — even the youngest entering pre-school — should be starting to understand that “tomorrow will follow today”.
That reality, it seems to us, should be written into the school curriculum at every level with teachers sensitised to its importance.
Also, it would help if senior citizens seek to consistently pass on their experiences, not least the felt need to save towards old age. Not all young people will listen, but the least their elders should do is try.