8,000 hospitality employees contribute to Tourism Workers Pension Scheme
Published:Tuesday | April 18, 2023 | 6:02 PM
The Ministry of Tourism is reporting that 8,000 hospitality workers are paying into the Tourism Workers Pension Scheme, with over $550 million in contributions, to date.
Portfolio Minister, Edmund Bartlett, made the disclosure as he opened the 2023/24 Sectoral Debate in the House of Representatives, on April 18.
The Government has committed over $1 billion to the scheme, and the final tranche of $50 million will be paid in the new fiscal year.
Bartlett pointed out that in the next five years, when the first cohort of beneficiaries will come, “that fund would have [reached] well over $10 billion, and then we begin to see the unfolding of a pool of funds that will be there for investments, so that we can have growth”.
The Tourism Workers Pension Scheme was launched in 2022. The scheme is designed to cover all workers in the tourism sector, regardless of their employment status or age, and it includes hotel workers, craft vendors, tour operators, red-cap porters, contract carriage operators and workers at attractions.
This means that all workers in the tourism industry can benefit from the scheme, regardless of their specific roles or responsibilities.
- JIS News
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