Tourism Workers Pension Scheme Generates $1.6 Billion in Contributions in 2 Years

Jamaica Minister of Tourism, Hon. Edmund Bartlett, has announced a significant milestone in the Ministry’s mission to “weave a safety net” for Jamaica’s invaluable tourism workers, as the ground-breaking Tourism Workers Pension Scheme (TWPS), launched in January 2022, has surpassed 7,000 contributing members, recording $1.63 billion in contributions as of April 2024.

“This is a commendable accomplishment in two years, especially when viewed against the backdrop that in 2022 several tourism operators were still recovering from the adverse impact of the pandemic,” declared the tourism minister, during his 2024/2025 Sectoral Debate opening presentation in Parliament earlier this week.

The TWPS, a first-of-its-kind initiative in the world, offers a vital safety net for tourism workers. “This pioneering scheme continues to serve as a support system, ensuring our hardworking personnel can retire with dignity and security,” Minister Bartlett emphasized. The Tourism Minister noted:

These impressive figures, exceeding J$80 million in monthly contributions, position the scheme to reach a total of over J$2 billion by summer 2024.

Minister Bartlett further highlighted that, “the endowment fund that was seeded with J$1 billion by the Government now stands at J$1.25 billion as of March 31, 2024. Therefore, when added to the total contribution to date, Total Funds Under Management stand at J$2.88 billion. So, based on the run rate, Total Funds Under Management will reach J$3 billion by June of this year.”

The tourism minister also stressed the importance of good governance. “I am also quite pleased to indicate that the Board of Trustees, which governs the scheme is now fully and properly constituted in keeping with the Act, as we recently appointed five member-nominated trustees to the Board,” he added.  Additionally, he noted that audits for the scheme are up to date, with 2022 financials completed and 2023 audits currently underway.

In the meantime, the tourism minister outlined the Ministry’s ambitious plans for the TWPS. “The Chairman of the Scheme expects a significant increase in membership, given a number of strategies that will be pursued over the next 12 months,” Minister Bartlett revealed. These strategies include targeted advertising campaigns, outreach to tourism operators and self-employed individuals, collaboration with industry associations, and diversification of investment management approaches.