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April 2025

14Apr

Jamaica. Gov’t worker arrested for fraud after pension funds go missing

Detectives assigned to the Constabulary Financial Unit (CFU) of the Counter Terrorism and Organised Crime Investigations Branch (C-TOC) arrested an administrative assistant at a government establishment on Thursday, April 10, following an investigation into alleged fraudulent pension payments. The CFU team visited the establishment at about 10:00 am and apprehended a 49-year-old woman from a Garvey Meade address in St Catherine. The investigation revealed that between March 2017 and May 2018, another government body reportedly made seventeen (17) payments totalling just...

April 14, 2025
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07Apr

Jamaica. How will tariffs impact retirement?

It is a tumultuous time for world economies. With the raging tariff war, which is likely to trigger another round of high inflation, investors and retirees face more uncertain times. I recently had separate discussions with two individuals from opposite ends of the age spectrum; one seeking assistance with planning for retirement and the other needing financial advice to navigate the retirement years. The 36-year-old employee was concerned with the time value of money, while the retiree wrestled with how...

April 7, 2025
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March 2025

24Mar

Jamaica’s ageing population: are we ready for the silver wave?

Recent discussions about Jamaica’s declining birth rate have sparked national debate, but another pressing demographic shift remains overlooked , the rapidly ageing population. While efforts to address low birth rates are important, the growing number of seniors presents complex challenges that require urgent attention. According to the Ministry of Health and Wellness, approximately 17 per cent of Jamaica’s population will be aged 60 and older by 2025, an increase from 12 per cent in previous years. This figure is projected to...

March 24, 2025
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September 2024

19Sep

Jamaica. Low birth rate could affect country’s development goals

RESPECTED former public servant Reginald Budhan says if the fall in Jamaica’s birth rate continues unabated, the island’s vision for developed country status “will remain a dream”. Jamaica’s Population Health Status Report 2000–2022, which was tabled in Parliament in May, showed that the country continues to face a low birth rate problem with the total number of live births in the country declining sharply over the last 20 years. Overall, it said Jamaica’s crude birth rate, which is the number...

September 19, 2024
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March 2024

04Mar

Revolutionizing Retirement: How TWPS is Pioneering Pension Participation in Jamaica

In a groundbreaking move, the Tourism Workers Pension Scheme (TWPS) is setting a new standard for pension schemes, aiming to significantly boost retirement participation among Jamaica's tourism workers. Differentiated by its inclusivity of both employed and self-employed individuals and bolstered by government support, TWPS is driving towards a membership goal of 20,000 in the current year, overcoming initial setbacks caused by the COVID-19 pandemic. Unique Features and Strategic Goals The TWPS stands out by covering workers in the private sector, with...

March 4, 2024
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August 2023

02Aug

Bill extending retirement age of DPP, AuG now in effect – Jamaica Observer

The Bill extending the tenure of the director of public prosecutions (DPP) and the auditor general (AuG) came into effect on Monday, July 31 after it was signed by Governor General Sir Patrick Allen. Despite objections from Opposition Members of Parliament last week, the constitution was amended by legislators to increase the retirement age of the DPP and the AuG. The current DPP, Paula Llewellyn, will be 63 this September. Both she and the AuG were appointed in the same year,...

August 2, 2023
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July 2023

20Jul

Only 18% of Jamaican workers in a pension arrangement

Only 18 per cent of Jamaican workers are currently in a pension arrangement, a figure  which needs to be increased if the country is to avoid a high rate of poverty among an ageing population in the future, according to local experts in the pensions industry. Sonya Goffe, President of the Pensions Industry Association of Jamaica (PIAJ) said the organisation’s mandate is to advocate for an increase in the number of Jamaicans who will receive a pension and to educate...

July 20, 2023
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14Jul

Jamaica. NIS a regressive use of public funds – IDB executive

Labour lead specialist at the Inter-American Development Bank (IDB) Professor David Kaplan has described the National Insurance Scheme (NIS) as a “regressive use of public funds”. Kaplan was addressing the annual luncheon of the Pension Industry Association of Jamaica (PIAJ) at Hotel Four Seasons in St Andrew yesterday. Responding to a question, following his keynote address, Kaplan pointed to deficiencies in the system. “It does seem that there is an imbalance between what people are contributing to the system and what they...

July 14, 2023
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June 2023

22Jun

Jamaica. Increases in NIS pensions

The Ministry of Labour and Social Security is reporting that the National Insurance Scheme (NIS) pensioners started receiving their increases in June. Addressing Wednesday’s post-Cabinet press briefing at Jamaica House, Portfolio Minister, Pearnel Charles Jr, said the pension rate increases range from 23 to 76 per cent under the National Insurance Scheme. “We are very pleased to report that our NIS pensioners began receiving their increases on June 15. It is very important for us to make sure that our pensioners...

June 22, 2023
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15Jun

Jamaica. Opposition concerned about pensions fraud probe launched at labour ministry

Opposition Spokesperson on Labour and Social Security, Dr Angela Brown Burke, has expressed deep concern over recent allegations regarding a pension fraud probe at the Ministry of Labour and Social Security in which hundreds of millions of taxpayers' money have gone missing. Reports are that internal audits at the ministry revealed that money paid out under the National Insurance Scheme (NIS) is more than twice the amount which should have been paid based on the pension order books issued by...

June 15, 2023
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