Tourism pension scheme surpasses $6 billion

The Tourism Workers Pension Scheme has accumulated more than $6 billion in savings, with over 10,800 workers registered.

Tourism Minister Edmund Bartlett made the disclosure in a virtual address to a media breakfast yesterday, held as part of the Jamaica Product Exchange, now under way at Moon Palace Jamaica in Ocho Rios, St Ann.

“This is a revolutionary activity. Even this morning, before I came to this session, I had meetings with the UN Tourism, and they cited Jamaica’s model of the comprehensive worker pension scheme as being eminent and also something that they think must be put into the mainstream of tourism activity across the world,” he said.

Bartlett said the scheme was established in recognition of the need to provide tourism workers with a social safety net and greater financial security upon retirement. He said they work and give of their lives “and at the end of the day, they end up in penury in a lot of instances”.

“We have changed that future, and this programme and this policy will change that whole scenario,” he said.

“Our effort is going to be to professionalise the industry, train, certify and be able to classify workers in the industry, so that their remuneration can also reflect that new arrangement,” said Bartlett.

He emphasised that tourism workers are central to the continued development of the industry, particularly as Jamaica seeks to strengthen the quality of the experience provided to visitors.