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Pension plan for island's tourism workers
Wednesday, May 21, 2008
A pension plan is finally to be set up to benefit the more than 80,000 persons directly employed to the islands tourism sector.
Tourism Minister Edmund Bartlett making the disclosure during his contribution to the 2007/08 Sectoral Debate in Gordon House last Wednesday said the Government will be moving to have the Encouragement Act which provides for the establishment of the pension plan for the entire industry passed into law to facilitate the process.
"It is unbelievable that the tourism industry which is the largest industry in the country is without an industry pension plan. The Government has a responsibility to help to lead the way," Bartlett noted. He however emphasised that the Government would not be taking responsibility for managing the pension plan.
In the meantime he said the administration was working with stakeholders in the industry including the Jamaica Hotel and Tourist Association to establish an adequate pension plan for workers in the industry.
And an initial $100 million in funding has been earmarked for assistance to small hotels including villas and small attractions. Under this programme small hoteliers will be able to access up to $3 million initially at a three per cent per annum rate of interest with 60 months to pay back.
"Collateral will be in the form of promissory notes supported by the gaurantee of directors of the company; in other words character loans to these little people who have an idea but have no capital," Bartlett told the House.
He said the loan will be managed by the Jamaica National Building Society.
Wednesday, May 21, 2008
A pension plan is finally to be set up to benefit the more than 80,000 persons directly employed to the islands tourism sector.
Tourism Minister Edmund Bartlett making the disclosure during his contribution to the 2007/08 Sectoral Debate in Gordon House last Wednesday said the Government will be moving to have the Encouragement Act which provides for the establishment of the pension plan for the entire industry passed into law to facilitate the process.
"It is unbelievable that the tourism industry which is the largest industry in the country is without an industry pension plan. The Government has a responsibility to help to lead the way," Bartlett noted. He however emphasised that the Government would not be taking responsibility for managing the pension plan.
In the meantime he said the administration was working with stakeholders in the industry including the Jamaica Hotel and Tourist Association to establish an adequate pension plan for workers in the industry.
And an initial $100 million in funding has been earmarked for assistance to small hotels including villas and small attractions. Under this programme small hoteliers will be able to access up to $3 million initially at a three per cent per annum rate of interest with 60 months to pay back.
"Collateral will be in the form of promissory notes supported by the gaurantee of directors of the company; in other words character loans to these little people who have an idea but have no capital," Bartlett told the House.
He said the loan will be managed by the Jamaica National Building Society.