Jamaica launches historic tourism pension scheme
Jamaica’s tourism industry made history on Wednesday with the launch of the long-awaited Tourism Workers Pension Scheme (TWPS).
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The scheme is expected to, directly and indirectly, benefit hundreds of thousands of people employed in the industry.
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A defined contributory plan supported by legislation, the pension scheme will require mandatory contributions by workers and employers.
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For 2022, contributions will be 3% of gross salary to be matched by the employers’ 3%. Thereafter, the contribution rate will be 5% for both employers and employees.
Speaking at Wednesday’s official launch at the Montego Bay Convention Centre, Minister of Tourism Edmund Bartlett said it was a first for Jamaica as “there is no other country in the world that has a comprehensive tourism workers pension plan.”
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