PIAJ President Sanya Goffe
The Pension Industry Association of Jamaica (PIAJ) says its proposals for automatic enrolment of workers in approved retirement schemes is now before Cabinet for consideration.
PIAJ President Sanya Goffe says approval of the legislation is critical to increasing pension coverage among Jamaican workers.
She says only 18 per cent of the country's 1.4 million workers are currently enrolled in an approved pension scheme.
Ms. Goffe says automatic enrolment is used in countries such as the UK to increase participation in retirement schemes.
She says the association is also examining ways to bring more self-employed and informal sector workers into approved or individual retirement schemes.
Against this background, the PIAJ has commissioned Market Research Services to conduct a study of the sector.
Ms. Goffe says the findings are expected to be available in January next year.
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