Tue | Sep 19, 2017

Holness urges residents to invest in pension plans

Published:Friday | February 10, 2017 | 2:00 AM
Andrew Holness

Prime Minister Andrew Holness is encouraging Jamaicans to better prepare for their future by putting in place a retirement plan, and investing in a pension scheme.

"As the population ages and the dependency ratios change, you will not be able to depend on children to take care of you. You have to invest a part of your income in a pension (plan) for your future," the prime minister advised.

He was addressing the 40th anniversary awards ceremony of the National Council for Senior Citizens (NCSC) at The Jamaica Pegasus hotel in New Kingston on Wednesday.

Holness stressed that it is important that proper retirement planning is "placed in people's mindset," as Jamaicans are living longer, and it is projected that by 2050, the elderly will reach 25 per cent of the total population.

PENSION BILL COMING

He noted that while there are changes to come with a new pension bill, and there have been various reforms to the pension system generally, "there still needs to be much more work done on the culture of saving for the future and investing in a pension.

"Falling birth rates and longer life expectancies will compel us to re-examine many of our public policies, including retirement, universal access to health care, access to higher education and training, and protection of the environment," he said.

Holness further informed that the National Policy for Senior Citizens, 1997, is currently under review and will be informed by key international commitments to strengthen the legal and socio-economic framework that will improve the quality of life of older persons.

He said the aim is to build a society where older people continue to be actively engaged with their families and communities and are valued as contributing members of the society.