The long-awaited Tourism Workers’ Pension Act is now operational, with registration for the scheme to begin in short order.
That’s according to Tourism Minister Edmund Bartlett who says the act came into operation last Friday, January 31.
Speaking at a press conference at the Ministry this morning, (February 03), the Tourism Minister said the regulations would be taken to Parliament soon.
Meantime, the Tourism Minister said the Tourism Workers Pension Fund will act as a stimulus for growth in the local economy.
He noted that there is a greater value to the fund, outside of just being a social security safety net for workers in the tourism industry.
The pension scheme will see persons contributing an initial 3 per cent of their income for the first three years and then 5 per cent after that.
This contribution is then matched by the employer.