Since being launched in February, more than 5,000 workers in Jamaica’s tourism sector have contributed almost $90 million to the Tourism Workers Pension Scheme (TWPS). Meanwhile, there are more than 15,000 applications pending from others who wish to join.
Minister of Tourism, Edmund Bartlett provided an update during his recent presentation in Parliament to close the Sectoral Debate.
The scheme is expected to benefit thousands of people employed in the Tourism Sector, both directly and indirectly, and will require mandatory contributions by employees and employers alike.
Bartlett said he estimates that the figure will be between “$400 billion to $500 billion as the Scheme matures,” adding that he expects more than 350,000 tourism workers to be engaged in the programme.
“This will be a game changer in terms of the pool of capital that will be made available for development of infrastructure and other businesses,” he said.
He stressed that the TWPS “is not just a plan to provide social security, but also a strategy for the economic security of the country”. He noted that it will allow for the growth of the economy when the domestic savings become a key pool of funds for investment and there will be less of a need for the country to go beyond its shores to borrow money.