Trust Fund for Poor Children Born on or After August 6, 2022

Children born on or after the 60th anniversary of Jamaica’s Independence, who are wards of the State or beneficiaries of the Programme of Advancement Through Health and Education (PATH), will be eligible for the Jamaica 60 HOPE (Hope, Opportunity, Prosperity and Empowerment) For Children Trust Fund.

Jamaica celebrated its Diamond Jubilee on August 6, 2022.

In his contribution to the 2024/25 Budget Debate in the House of Representatives on March 21, Prime Minister, the Most. Hon. Andrew Holness, said the purpose of the Fund is to help to close the wealth gap and address the issue of intergenerational poverty by creating a trust account specifically catered to vulnerable children.

“The HOPE for Children Trust Fund will provide each eligible child with a long-term savings account funded through annual contributions from the Government. Parents, guardians or other donors will also be able to make deposits into the account for the future benefit of any specific child,” Mr. Holness said.

The accumulated funds, including interest, will be accessible on or after the child’s 18th birthday, for specific purposes such as education, purchase of a home or commercial property or investment in a business.

“The central idea behind the programme is to provide children with a lump sum to start them in life upon attaining adulthood. Our initial target is a lump sum of between $600,000 and $800,000, to be available on the 18th birthday of any eligible child,” Mr. Holness said.

He noted that the Government will also explore alternatives to establish and manage the Fund, adding that it could form part of the National Insurance Fund or be administered by private insurance companies.

“This is, I believe, a ground-breaking initiative to truly grapple with inequality in the society. From a historical perspective, there are many households who have no endowment in Jamaica, meaning that they can’t look towards anything bequeathed to them from their family. There is no asset being passed down to them from generation. The only way that they are able to create any wealth is through their labour, through the dint of their effort – literally pulling themselves up by their bootstraps,” Mr. Holness said.

The Prime Minister emphasised that as the economy grows, the Government has a responsibility to take instrumental and decisive steps to break the cycle of intergenerational poverty and correct structural inequalities.

“The intention here is great, the amount may be considered small, but it is the first step in the right direction to truly create a more equitable society,” Mr. Holness said.