There are approximately 9,500 workers registered in the Tourism Workers Pension Scheme with contributions exceeding $1.6 billion as of April 19, 2024.

This was revealed on Tuesday by Tourism Minister Edmund Bartlett as he opened the 2024/25 Sectoral Debate in the House of Representatives.

Bartlett shared that 7,027 of those contributing to the scheme are contributing members.

“This has resulted in total contributions of J$1.63 billion as of April 19, 2024. Monthly contributions to the scheme are now averaging over J$80 million and, given this average, the scheme is well on its way to recording total contributions of over J$2 billion by the summer of this year,” said Bartlett.

“This is a commendable accomplishment in two years, especially when viewed against the backdrop that in 2022 several tourism operators were still recovering from the adverse impact of the pandemic. This means that we would have doubled the J$1 billion the Government provided in the endowment fund,” the minister added.

READ: Pension scheme for tourism workers to be introduced January 1, 2022 — Bartlett

Bartlett disclosed that the endowment fund that was seeded with J$1 billion by the government now stands at J$1.25 billion as of March 31, 2024.

“Therefore, when added to the total contribution to date, total funds under management stand at J$2.88 billion. Based on the run rate, total funds under management will reach J$3 billion by June of this year,” he said.

The minister said he was “quite pleased” to indicate that the board of trustees which governs the scheme is now fully and properly constituted in keeping with the Act.

Meanwhile, Bartlett said the chairman of the scheme expects a significant increase in membership, given several strategies that will be pursued over the next 12 months.

These include a more targeted advertising campaign to create awareness about the scheme and to sensitise the target audience on the importance of a pension; a greater engagement of tourism operators through visits, sensitisation sessions and meetings; greater targeting of self-employed individuals as well as Small and Medium Tourism Enterprises within the sector; and forging partnerships with entities such as the Jamaica Hotel and Tourist Association.

Bartlett said efforts are underway to diversify the investment management approach to provide greater reach and foster greater financial inclusion across the financial sector as a larger base of tourism workers is targeted in the near future.