Tourism Minister Edmund Bartlett has announced that registration for the highly anticipated tourism workers pension scheme will begin on March 27.
The landmark scheme is designed to cover all workers ages 18 to 59 years in the tourism sector, including those on contract and the self-employed.
Categories include those employed in related industries such as craft vendors, tour operators, red cap porters, contract carriage operators and workers at attractions.
Speaking at a sensitisation session at Hotel Tim Bamboo in Portland recently Bartlett said he was urging all workers in the sector to join the scheme in order to benefit by contributing to their own retirement.
The Board of Trustees, which oversees the scheme, is set to announce an Investment Manager and a Fund Administrator to manage the operations of the Scheme shortly. Minister Bartlett added that the regulations for the Act which is almost complete will provide the guidelines on how the scheme will operate.
The regulations will also provide for an augmented pension. Augmented pension beneficiaries will be persons who joined the Scheme at 59 years old and would not have saved enough for a pension. With the ministry’s injection of $1 Billion to augment the fund, these persons will qualify for a minimum pension.