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  • Cabinet has given approval for the establishment of a tourism workers’ pension scheme.
  • This was disclosed by Minister of Tourism and Entertainment, Hon. Dr. Wykeham McNeill, on April 14 during his contribution to the 2015/16 Sectoral Debate in the House of Representatives.
  • He noted that the scheme will be established by an Act of Parliament and the aim is to have it in place no later than January 2017.

Cabinet has given approval for the establishment of a tourism workers’ pension scheme.

This was disclosed by Minister of Tourism and Entertainment, Hon. Dr. Wykeham McNeill, on April 14 during his contribution to the 2015/16 Sectoral Debate in the House of Representatives.

“I am pleased to report that Cabinet has approved the establishment of a defined contribution pension scheme for these workers with contributions to be provided by both employers and employees beginning initially with the accommodations subsector,” he informed.

He noted that the scheme will be established by an Act of Parliament and the aim is to have it in place no later than January 2017.

Minister McNeill informed that Cabinet has granted approval for the Ministry to engage actuaries to manage the tender process for the establishment of the scheme as well as to develop the rules for operation.

He said the scheme is crucial as studies have revealed that only six per cent of tourism workers have pension plans. “The rest are likely to suffer financial hardship after retirement,” he pointed out.