Regulations for tourism workers pension scheme heading to Parliament soon

Tourism Minister Edmund Bartlett (right) provides an update on the Tourism Workers’ Pension Scheme at a press briefing hosted at the Ministry of Tourism on February 03, 2020. Sharing in the moment is Chairman of the Tourism Workers’ Pension Scheme’s Board of Trustees, retired banking and insurance executive, Richard Powell.

Tourism Minister Edmund Bartlett says he hopes to take the regulations for the Tourism Workers’ Pension Act to Parliament within the first few sittings of the new Parliamentary year, which begins Tuesday, Feb 11.

The legislation came into operation on January 31, and registration for the scheme is to begin soon.

Speaking at a press conference at the Ministry of Tourism Monday (Feb 3), the Tourism Minister said, “This gazetted date sets the stage for the Board of Trustees to conclude the arrangements with the fund manager and the fund administrator. The framework for the development of regulations is now underway and I am hoping to take this to Parliament tomorrow, but if not, certainly within the first few sittings within the new parliamentary year. ”

The long-awaited Tourism Workers’ Pensions scheme is designed to cover all categories of workers ages 18 to 59 years in the tourism sector. This includes hotel workers as well as persons employed in related industries, such as craft vendors, tour operators, red cap porters, contract carriage operators and workers at attractions.

The Tourism Workers’ Pension Scheme will receive $1 billion in funding from the Ministry of Tourism to augment the pool of funds. The augmented pension beneficiaries will be persons who joined the Scheme at 59 years old. These persons will qualify for a minimum pension.