Jamaica Archives - Page 2 of 4 - Pension Policy International

25MayMay 25, 2023

Jamaica. No big pension increase for former prime ministers

Prime Minister Andrew Holness' decision to decline his 214 per cent salary increase and keep his yearly $9 million pay is binding on all former and future heads of government, the administration has disclosed. The figure is critical for former prime ministers in particular because their pension is tied to the salary of the current officeholder. There are three living former prime ministers - PJ Patterson, Portia Simpson Miller, and Bruce Golding. Information Minister Robert Morgan made the clarification at a post-Cabinet...

May 25, 2023

NewsJamaica, Public Pensions

27AprApril 27, 2023

Jamaica. Minister of Labor announces increases to NIS benefits

Minister of Labour and Social Security, Karl Samuda, has announced significant increases for National Insurance Scheme (NIS) pensioners and other contributors to the scheme. Samuda made the announcement on Wednesday during his contribution to the Sectoral Debate in the House of Representatives. He said the old age or retirement, the invalidity and the widows and widowers pensions will move from $3,400 to $4,200 per week, a 23 per cent increase for those receiving full-rate pensions. At the same time, pensioners who...

April 27, 2023

NewsJamaica, Social Security

14NovNovember 14, 2022

Jamaica. Automatic pension enrolment will save retirees

85 per cent of UK workers now pensionable vs 18 per cent in Jamaica With about 18 per cent of Jamaica's working population having a pension plan, the retirement crisis persists and this situation should be of grave concern to the Government and all taxpayers. Jamaica has an ageing population which is increasingly at risk of pension poverty, ie inadequate retirement income. As such, I am recommending the automatic or mandatory enrolment of eligible employees in a workplace pension plan. This would...

November 14, 2022

NewsAdequacy, Enrollment, Jamaica

05OctOctober 5, 2022

Jamaica. National Insurance Fund reaches $143 billion

The National Insurance Fund (NIF), the source from which pensions and other benefits under the National Insurance Scheme (NIS) are paid, saw double-digit growth in the fiscal year ended March 2021. In a new update provided by the Ministry of Labour and Social Security (MLSS), the Jamaica Observer learnt that as at March 31, 2022, the net asset value of the fund stood at $143.424 billion, representing year-over-year growth 14.13 per cent. The NIF is funded by national insurance contributions, with...

October 5, 2022

NewsFunding, Jamaica

08SepSeptember 8, 2022

Jamaica. JMEA members to access VM pension scheme, special offerings

VM Pensions Management Limited has inked a deal which will see the business supporting member companies and employees of the Jamaica Manufacturers and Exporters Association (JMEA) get access to an approved retirement scheme (ARS) and a suite of other specially curated offerings. Through the partnership, the association’s members will benefit from enrollment in an affordable pension scheme, with premiums starting as low as $1,000; reduced rates and special access to corporate financing solutions, as well as financial coaching for companies...

September 8, 2022

NewsJamaica, Occupational Pensions, Pension design

11AugAugust 11, 2022

Jamaica. $70m in pension benefits heading to court

More than $70 million in pension benefits for 161 beneficiaries who are yet to be identified by the Financial Sector Adjustment Company Limited (FINSAC) could be handed over to the Supreme Court. In its 2021 annual report that was tabled in Parliament on Friday, the company said it placed advertisements in the press on March 14, 2021, in an attempt to locate beneficiaries of the Jamaica Mutual Life Assurance Society pension scheme. It said the March 14 advertisement was the fourth...

August 11, 2022

NewsJamaica, Payout, Regulation

10FebFebruary 10, 2022

Jamaica. Tourism pension fund likely to grow faster than traditional funds – Goffe

The Ministry of Tourism (MOT) indicates that, as at December 31, 2021, the value of assets managed by Sagicor Life Jamaica on behalf of the Tourism Workers Pension Scheme was approximately $506 million. At the launch of the scheme, Minister of Tourism Edmund Bartlett said he expected the fund to grow to $100 billion by 2023 and to reach $1 trillion in 10 years. The management of the assets of the scheme falls under Sagicor's managed pension portfolios which as at...

February 10, 2022

News, Slider2022, Jamaica, savings

14JanJanuary 14, 2022

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). Read also Estonia. State to provide option of increasing second pension pillar deposits The scheme is expected to, directly and indirectly, benefit hundreds of thousands of people employed in the industry. Read also Wages and pensions fall in Uruguay due to economic policy A defined contributory plan supported by legislation, the pension scheme will require mandatory contributions by workers and employers. Read also Jamaica. Informal Sector...

January 14, 2022

News2022, Jamaica, Occupational Pensions

07DecDecember 7, 2021

Jamaica. Informal Sector Workers to Get NIS Benefits

For the first time, Jamaica’s household helpers and fisherfolk will be able to secure pension benefits under the National Insurance Scheme (NIS) as the Government moves to formalise these sectors. This will be facilitated under the Transition to Formality Action Plan, which will see this segment of workers being able to access health and life insurance, pension and other facilities to provide them with security and protection in their work environment. The Action Plan, which was officially launched by Minister of...

December 7, 2021

News2021, Informal Sector, Jamaica, Social Security

27SepSeptember 27, 2021

Jamaica. The nation is facing a retirement crisis

A social pension is a non-contributory cash income that is given by the Government to the elderly. In July of this year, the Jamaican Government launched an $800,000,000 social pension geared at providing guaranteed income to senior citizens 75 years and older who don't have retirement income or disability benefits. Recipients are entitled to a monthly payout of $3,400. But, can this paltry sum suffice in an economy of rising prices? The nation is indeed facing a retirement crisis. With...

September 27, 2021

News, Slider2021, Intergenerational Justice, Jamaica, Public Pensions, Retirement Age

May 2023

Jamaica. No big pension increase for former prime ministers

April 2023

November 2022

Jamaica. Automatic pension enrolment will save retirees

October 2022

Jamaica. National Insurance Fund reaches $143 billion

September 2022

Jamaica. JMEA members to access VM pension scheme, special offerings

August 2022

Jamaica. $70m in pension benefits heading to court

February 2022

Jamaica. Tourism pension fund likely to grow faster than traditional funds – Goffe

January 2022

Jamaica launches historic tourism pension scheme

December 2021

September 2021

Jamaica. The nation is facing a retirement crisis