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Crawford wants ‘mandatory pension scheme’

Published:Wednesday | August 21, 2013 | 3:05 PM

Parliamentarian, Damion Crawford, is suggesting that the government of which he is a part seriously consider legislation establishing a mandatory pension scheme for all Jamaicans.



His suggestion follows data from the Statistical Institute of Jamaica (STATIN) revealing that unemployment rose to 16.3 per cent in April this year, almost two percentage points higher when compared to the similar period last year.



Noting that only eight per cent of Jamaica’s working population are part of a pension scheme, the junior minister in the tourism and entertainment ministry says a mandatory pension would ensure that more Jamaicans who reach retirement age have some form of income.



However, Crawford stresses that the most significant effect is that a mandatory pension will result in significant amounts of capital being available to the private sector which will increase the need for investments.



He believes these investments would drive employment, especially in the services sector.



Crawford suggests such a scheme should not be managed by the State.



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