The long-anticipated Tourism Workers Pension Scheme, TWPS, is one step closer to reality.
According to Tourism Minister, Edmund Bartlett, the law which was passed in the House last year was gazetted last Friday.
The Minister says he expects the regulations to be completed soon and registration to begin in short order.
The Tourism Workers Pension Scheme now years in the making is nearing its final hurdles.
Tourism Minister, Edmund Bartlett, says he hopes to have the regulations in front of Parliament tomorrow.
The TWPS, is expected to cover tourism workers aged 18 to 59, providing them with a pension upon retirement.
However, Minister Bartlett says he intends to augment the existing regulations to allow those who would turn 60 before the official gazette date to also be covered.
The scheme will be seeded with one billion dollars, with contributions for the first three years to be capped at 3 per cent of income.
This will move to 5 per cent afterwards, with individual members of the scheme allowed to contribute up to 20 per cent of their income.
Minister Bartlett says the advent of this scheme by itself is expected to increase the number of pensioned workers in Jamaica by 10 percent.