HOPE: Gov't to set up trust fund for disadvantaged children

By Lorraine Mendez   

 

Children born after August 6, 2022 and who are part of a PATH household or Ward of the State will be eligible to receive money from the government on reaching age 18.

 

This will be made possible through an initiative dubbed the Jamaica 60 HOPE (Hope, Opportunity, Prosperity, and Empowerment) for Children Trust Fund.

 

Prime Minister Andrew Holness, who made the announcement during his budget presentation on Thursday, said the aim of the trust fund is to close the wealth gap and address the issue of intergenerational poverty. 

 

"The HOPE for Children Trust Fund will provide each eligible child with a long-term savings account funded through annual contributions from the government. Parents, guardians and other donors will also be able to make deposits into the account for the future benefit of any specific child. The accumulated funds, including interest, will be accessible on or after the child's 18th birthday for specific purposes, such as education, to purchase a home or commercial property or invest in business," he announced. 

 

Mr. Holness said each beneficiary is expected to receive a lump sum of $600,000 to $800,000 on reaching age 18.

 

He said options are still being explored for the management of what he terms a ground-breaking initiative to address inequality in the society. 

 

"It could be part of the National Insurance Fund, or we may consider having private insurance companies administer the fund," he suggested.