Advertisement

Crawford proposes tax for new pension scheme

Senator Damion Crawford
 
Opposition Senator Damion Crawford has proposed the government collect a two per cent consumption tax for a state administered pension scheme for all Jamaicans.
 
He noted that the National Insurance Scheme (NIS) provides benefits to retired people who are mostly in the formal sector, but most Jamaicans are employed outside the formal system and do not contribute to the NIS.
 
Senator Crawford said a dedicated pool of funds for pensions would help to provide for the elderly, adding that the investment that fund would create for the society would be "exponential". 
 
Senator Crawford was speaking on Friday in the Senate during the debate on a private member's motion brought by Senator Floyd Morris. 
 
Senator Morris is lobbying for the creation of an Elderly Care and Protection Act.
 
He noted that although Jamaica has a national policy for senior citizens, it is not enough.
 


comments powered by Disqus
Most Popular
Three Jamaicans found dead in New York...
Jackson runs third fastest 200m ever!