Tue | Dec 11, 2018

Pension crisis looms in Jamaica

Published:Friday | September 26, 2014 | 12:00 AM

THE EDITOR, Sir: I wonder what Jamaica's ageing population will look like.

I've concluded that many people will be completely dependent on government assistance. This will lead to default.

Many US states are buckling because of retirement obligations. Let's use them as a case study.

Tourism/hotels aren't very big on 401K/B or pensions. The construction and agriculture sectors aren't big on them either, so who will fund these workers in old age?

It seems to me more that tourism development is the centre of the People's National Party's employment initiative based on the prime minister's speech. A restructuring has to happen now.

Obvious economic solutions:

1) Require term limits on leadership/MP service.

2) Reduce the population/birth rate. Jamaica has too few resources to suffice.

3) Require hotels and foreign entities to deposit each month's earning in our banks. This must be done for a minimum of three months.

4) Adapt the eco-farming techniques of Costa Rica to Jamaica.

5) Cut waste, including JEEP. Use the money to create islandwide skill-training centres in technical high schools.

6) Reduce crime and attract retirees. They will bring a more continuous flow of money into the country.