Jamaicans urged to be pension secure

If you've ever heard the saying "save for a rainy day", then you know that retirement is the ultimate storm. It's not just about your future - it's about avoiding the harsh financial downpour many retirees in Jamaica face today.

Pensions, once considered out of reach for many, are now a necessity as the consequences of not having one become painfully clear. Sanya Goffe, president of the Pension Industry Association of Jamaica (PIAJ), in sounding the alarm, noted that only 20 per cent of Jamaicans, including public sector workers, have access to a pension, leaving many at risk of old-age poverty.

"Jamaica's shifting demographic structure, low pension coverage, and increasing old-age dependency ratio put a growing portion of the population at risk of old-age poverty and expose the Government to a future fiscal crisis," warns Goffe.

She said that without adequate retirement savings, individuals may become dependent on social protection programmes or the support of friends and family. The PIAJ president asserts the need for greater public education of Jamaicans on the importance of starting to save for retirement.

"Now is the best time for working Jamaicans to start saving. Retirement security for most Jamaicans will require more self-intentionality, and more Jamaicans will need to take the step to sign up for a pension arrangement," Goffe says.