KINGSTON, Jamaica— In a bid to reduce the cycle of generational poverty, Prime Minister Andrew Holness has announced the Jamaica 60 HOPE (Hope, Opportunity, Prosperity and Empowerment) for Children Trust Fund.

“The purpose of the fund is to help close the wealth gap and address the issue of intergenerational poverty by creating a trust account specifically catered to vulnerable children,” Holness said Thursday,  while making his contribution to the 2024/25 Budget Debate at Gordon House.

He explained that the HOPE for Children Trust Fund will provide each eligible child with a long-term savings account funded through annual contributions from the Government.

“Parents, guardians or other donors will also be able to make deposits into the account for the future benefit of the child. The accumulated funds, including interest, will be accessible on or after the child’s 18th birthday for specific purposes such as education, purchase of a home or commercial property, or business investment,” Holness stated.

Any Jamaican child born on or after the 60th anniversary of our independence (August 6, 2022) who is part of a PATH household or a ward of the State will be eligible for the programme,” he added.

“Beyond unemployment insurance, we must also invest in programmes that create opportunities for individuals and families to escape the cycle of generational poverty. This requires a multifaceted approach that tackles the root causes of poverty and systemic barriers to economic mobility.

“Thousands of our children in low-income families reach adulthood without any household savings to give them a start in life.  This perpetuates the cycle of poverty. We have to break this cycle,” Holness remarked.

The prime minister explained that the central idea behind the programme is to provide children with a lump sum to give them a start in life upon attaining adulthood.

“We will also explore alternatives to establish and manage this programme. It could be part of the National Insurance Fund or we may consider having private insurance companies administer the trust fund,” said Holness.

He said: “My administration does not just talk about poverty. We have undertaken the most significant expansion of the Social Security system in Jamaica since independence. We are committed to addressing the underlying structural inequalities that perpetuate poverty and limit upward mobility for marginalised communities and to doing so in a deliberate sustainable way. This means dismantling barriers to education, healthcare, employment and housing, and ensuring access to opportunities for all Jamaicans, regardless of their background or circumstances”.

The prime minister added that “as a result of the dividends from our macroeconomic success, it is now within our power to enact meaningful change and provide a brighter future for all Jamaicans”.