Prime Minister Urges Jamaicans to Plan for Retirement

Prime Minister, the Most Hon. Andrew Holness, is encouraging Jamaicans to better prepare for their future by putting in place a retirement plan, and investing in a pension scheme.

“As the population ages and the dependency ratios change, you will not be able depend on children to take care of you. You have to invest a part of your income in a pension (plan) for your future,” the Prime Minister advised.

Mr. Holness was addressing the 40th anniversary awards ceremony of the National Council for Senior Citizens (NCSC) at The Jamaica Pegasus hotel in New Kingston on February 8.

The Prime Minister stressed that it is important that proper retirement planning is “placed in people’s mindset,” as Jamaicans are living longer, and it is projected that by 2050, the elderly will reach 25 per cent of the total population.

He noted that while there are changes to come with a new Pension Bill and there have been various reforms to the pension system generally, “there still needs to be much more work done on the culture of saving for the future and investing in a pension.”

The Prime Minister said the Government is committed to doing more to ensure that every older Jamaican has the resources and the support that they need to thrive, maximising the contributions that older Jamaicans can make to the country.

“Falling birth rates and longer life expectancies will compel us to re-examine many of our public policies, including retirement, universal access to health care, access to higher education and training, and protection of the environment,” he said.

The Prime Minister said the Government continues to provide support for the growing ageing population, through social programmes, such as the Programme of Advancement through Health and Education (PATH), National Insurance Scheme (NIS), and the National Health Fund (NHF), which “continue to receive priority allocations from the national budget.”

Mr. Holness further informed that the National Policy for Senior Citizens, 1997, is currently under review and will be informed by key international commitments to strengthen the legal and socio-economic framework that will improve the quality of life of older persons.

He said the aim is to build a society where older people continue to be actively engaged with their families and community and valued as contributing members of the society, adding that the NCSC is playing a critical role in advocating for this.

Mr. Holness noted that senior citizens have a wealth of talent and experience to be shared as role models, mentors and champions for others.

“For all they have achieved throughout life, and for all they continue to accomplish, we owe older citizens our thanks and a heartfelt salute,” he said.

The Prime Minister congratulated the seniors who were being awarded for their exceptional contribution to the NCSC and the elderly in Jamaica.