Tourism pension plan nears $4b, spurs affordable housing promise
Published:Thursday | July 3, 2025 | 12:08 AMJanet Silvera/Gleaner Writer
WESTERN BUREAU:
A bold new plan by Tourism Minister Edmund Bartlett will use the growing Tourism Workers Pension Scheme (TWPS) to unlock affordable housing for thousands of Jamaicans in the sector, marking a major step toward economic inclusion.
Speaking at Monday’s contract signing ceremony for NCB Insurance Agency and Fund Managers Limited (NCBIA), which has joined the TWPS as an investment manager, Bartlett declared that once the fund hits the J$10 billion mark, a new housing framework will be introduced in collaboration with the National Housing Trust and Jamaica’s banking sector.
“Our intention is to offer the lowest mortgage rates in Jamaica for our tourism workers,” Bartlett said. “That’s the kind of social mobility that structured savings can unlock.”
The TWPS, now valued at nearly J$4 billion with some 10,000 members, is gaining momentum as a key pillar of economic inclusion. Minister Bartlett said the idea of linking pensions with housing was sparked by a conversation with a 78-year-old industry veteran who had no retirement safety net.
“That was the moment that drove us to act,” he shared. “We’re not just investing in pensions; we’re investing in dignity and the promise of a better tomorrow for the men and women who have made Jamaica a tourism powerhouse.”
Ryan Parkes, chairman of the TWPS Board of Trustees, welcomed NCBIA’s addition to the fund’s management team under a three-year contract. “This partnership helps ensure optimal fund performance while upholding our promise to tourism workers – some of whom have served for 40 or 50 years. They deserve a dignified retirement,” Parkes said.
Head of NCBIA, Antonio Spence, described the move as a national mission. “We want every tourism worker to retire with peace of mind. We are honoured to be part of this transformative project.”
Launched in 2020 and seeded with J$1 billion by the government, the TWPS is the first of its kind in the Caribbean. It covers all tourism workers aged 18 to 59, whether permanent, part-time, contract or self-employed, and is administered by Guardian Life Limited.
Bartlett said the scheme is now growing at J$100 million per month and has the potential to become a “nation-building engine.”
“We are not just welcoming visitors to Jamaica,” the minister added. “We are building a society that values and empowers its workers—through pensions, through housing, and through hope.”