- Mr. Bartlett said Cabinet has approved drafting of the Tourism Workers Pension Act, which will facilitate the scheme.
- The Tourism Enhancement Fund (TEF) Act will be amended to facilitate the provision of $1 billion to seed the scheme.
The Government is on course to implement the proposed tourism workers’ pension scheme in September.
This was disclosed by Tourism Minister, Hon. Edmund Bartlett, while delivering the opening presentation in the 2017/18 Sectoral Debate in Parliament on Tuesday, April 4.
Mr. Bartlett said Cabinet has approved the drafting of the Tourism Workers’ Pension Act, which will facilitate the scheme.
The Tourism Enhancement Fund (TEF) Act will be amended to facilitate the provision of $1 billion to seed the scheme.
Mr. Bartlett explained that this allocation would provide a cushion for workers, 55 years and older, whom, he said while becoming immediate contributors, would not be able to accumulate the requisite savings that enable them to get a meaningful entitlement.
“With this $1 billion, we will provide a minimum pension of $225,000 annually for those workers who are 55 years (and) older. But more importantly, to enable the workers of the industry to feel that they are in a professional arrangement (where) they can work assiduously and well, providing world-class service and at the end of their tenure, they are not left (in) penury,” he added.
Mr Bartlett said this undertaking was reflective of “not just my effort (but also) the former Minister (Dr. Wykeham McNeill, who) did a good job with it… and that is what tourism is about”.