Radio Jamaica News Online
More calls for auto-enrolment to help grow pensions industry
Jamaica's pension industry is significantly underdeveloped, valued at just US$4 billion compared to roughly US$30 trillion globally.
Hugh Reid, Managing Director of JN Life Insurance, says urgent reforms are needed, including the adoption of auto-enrolment in pension schemes.
Auto-enrolment would see workers automatically placed in a retirement plan when they enter the workforce.
Mr. Reid is backing recommendations from Sanya Goffe, President of the Pensions Industry Association of Jamaica, arguing the move would help strengthen long-term investment funding.
Currently, only about one in five of the country's 1.3 million workers is enrolled in an approved retirement scheme.
Last week, Prime Minister Dr. Andrew Holness signalled government's intention to make auto-enrolment government policy.
Mr. Reid warns that low participation limits the pool of capital available for infrastructure and economic development, and weakens Jamaica's ability to absorb shocks such as Hurricane Melissa, which caused an estimated $1.4 trillion in infrastructure damage and $620 billion in economic losses.
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