Tourism Minister, Edmund Bartlett, says the Tourism Workers Pension Scheme now has over five thousand members, with over 15-thousand potential applicants.
The scheme is expected to benefit thousands of persons employed in the tourism sector and will require mandatory contributions by employees and employers alike.
Minister Bartlett says the Board of Trustees for the Pension Scheme met recently to review the scheme’s performance since its launch in January.
Minister Bartlett said the Board indicated that the scheme now has some 5-thousand 500 members, adding that the majority of those members have so far paid nearly 90 million dollars into the fund.
Minister Bartlett also noted that these developments occurred since February of this year, and that there are some 15,000 employees pending to become members of the Scheme.
The Minister said he estimates that the figure will be between 400 billion dollars and 500 billion dollars as the Scheme matures.
He says it’s expected that more than 350-thousand tourism workers to be engaged in the programme.
In the meantime, Mr. Bartlett emphasized that the Pension Scheme is not just a plan to provide social security, but also a strategy for the economic security of the country.
He noted that it will allow for the country’s economic growth when domestic savings become a key pool of funds for investment, giving the country less need to go beyond its shores to borrow money.