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Cabinet gives OK for tourism workers pension scheme

Published:Tuesday | April 14, 2015 | 4:03 PMDaraine Luton, Senior Staff Reporter

Cabinet has approved the establishment of a pension scheme for workers in the tourism sector.

Tourism Minister Dr Wykeham McNeill says that a defined contribution scheme is to be setup for workers in the sector.

Contributions are to be provided by both employers and the employees.

Studies have revealed that only six per cent of tourism workers have pension plans.

McNeill said that the scheme, which will come into effect by an Act of Parliament,  will initially be open to workers in the accommodation subsector.

He said too that Cabinet has granted approval for the ministry to engage actuaries to manage the tender process for establishing the scheme as well as developing the rules for the scheme.