Tourism workers pension scheme to be rolled out this year

The long-awaited tourism workers pension scheme is to be rolled out this year, according to Tourism Minister Edmund Bartlett.

Bartlett said that the scheme would provide each worker with a pension of at least $200,000.

The scheme is to come on stream after what Bartlett describes as the successful navigation of very complex legal and regulatory waters.

In his contribution to the Sectoral Debate in Gordon House on Tuesday, Bartlett said that the setback in implementation arose when it was determined that the Financial Services Commission (FSC) would have oversight of the scheme.

Bartlett argued that the FSC had no experience in giving oversight to such a pension scheme that is driven by legislation.

He said the FSC Act had to be amended in order for the oversight body to having jurisdiction over the scheme.

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