Tourism workers pension scheme surpasses $6 billion

KINGSTON, Jamaica —The Tourism Workers Pension Scheme (TWPS) has accumulated more than $6 billion in savings, with over 10,800 workers registered.

The disclosure was made by Minister of Tourism Edmund Bartlett in a virtual address to a media breakfast on September 15, held as part of the Jamaica Product Exchange (JAPEX), now underway at Moon Palace Jamaica in Ocho Rios, St Ann.

Bartlett said the initiative is also gaining international attention, with UN Tourism identifying Jamaica’s pension scheme as a model that could have wider application in the global tourism industry.

“This is a revolutionary activity. Even this morning, before I came to this session, I had meetings with the UN Tourism, and they cited Jamaica’s model of the comprehensive worker pension scheme as being eminent and also something that they think must be put into the mainstream of tourism activity across the world,” he said.

Bartlett said the scheme was established in recognition of the need to provide tourism workers with a social safety net and greater financial security upon retirement.

“I remember when the idea was born and that we recognised that tourism workers needed this social safety net because they work, they give of their lives, and at the end of the day, they end up in penury in a lot of instances. We have changed that future, and this programme and this policy will change that whole scenario,” he said.

The minister also pointed to efforts to further professionalise the tourism industry and improve the position of workers within the sector.

“Our effort is going to be to professionalise the industry, train, certify and be able to classify workers in the industry, so that their remuneration can also reflect that new arrangement,” said Bartlett.

He emphasised that tourism workers are central to the continued development of the industry, particularly as Jamaica seeks to strengthen the quality of the experience provided to visitors.

“Service for us represents 60 per cent of the value of the experience that a visitor has. And we want to be known as a destination that offers the best service,” the minister said.

— JIS