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JAMAICA: Government moving towards Direct Deposit Pension Payments

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#Kingston, December 29, 2018 – Jamaica – Persons receiving retirement pension payments under the National Insurance Scheme (NIS) will soon be required to have a bank account.  NIS Director, Portia Magnus, tells JIS News that the plan is to have all NIS pensioners receiving their funds through direct deposits into their accounts.

“That is where we will be going,” she says.  “Gradually we are shifting. The Government is moving more and more from paper, which is time-consuming and costly, and going more electronic, and so, overtime, you will see that the pension order books are going to be phased out,” she points out.

Persons now receive their benefits through the pension order book, a cheque, bank draft and direct deposit to a bank account.  Ms. Magnus tells JIS News that once the resources are in place, the Ministry will implement direct deposit on a wider scale to existing pensioners.

“So, already on the new application form, persons are required to provide their banking information,” she points out.

For the pension order book, persons receive a voucher/cheque book with 13 leafs.

“Each voucher is predated and it’s two weeks apart. So you can encash a voucher every two weeks, or as you feel, because they actually become dated after six months like a cheque. But the date is every two weeks,” Ms. Magnus explains.

For the direct payments into the bank accounts, she points out that the regular payment is usually on the 15th of the month, “so you get one amount every month in the middle of the month”.

Pensioners who want the option to receive their payments through their bank accounts can do so by completing a Direct Deposit Form available at the Ministry of Labour and Social Security parish offices or downloading the form from the Ministry’s website, www.mlss.gov.jm.

“Now, if an existing pensioner does that, what will happen is that at the end of the month, they will get – depending on when the pension order book finishes – a certain amount deposited to their account at the end of the month. Then you will have regular payment beginning monthly,” Ms. Magnus says.

The NIS is a compulsory contributory funded social security scheme, covering all employed persons in Jamaica.  Administered under the National Insurance Act, it offers some financial protection to the worker and his or her family against loss of income arising from injury on the job, sickness, retirement and/or death of the breadwinner.

Today, the NIS provides benefits to over 124,000 persons and represents a 12.6 per cent increase over the previous financial year.  The scheme administers a number of benefits, one of which is the retirement pension, and in order to benefit from this, the contributor must attain the retirement age defined by the National Insurance Act and satisfy the contribution requirements.  This benefit is payable during the life of the pensioner.

All persons between the ages of 18 and 70, who are gainfully occupied in insurable employment are required to be registered with the NIS.  The insurable population includes employed persons, self-employed persons and voluntary contributors.

 

By: Latonya Linton

Release: JIS

Photo Caption: Director of the National Insurance Scheme (NIS), Portia Magnus

 

JIS File Photo

 

 

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New Tilapia Hatchery Slated for Completion Later This Year

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#Kingston, Jamaica, March 27, 2024 – The new tilapia hatchery under construction in Twickenham Park, St. Catherine, is slated for completion towards the end of 2024.

The 12,000 sq. ft. facility, being built at a cost of approximately $574 million, is intended to address the major issue of shortages in good-quality seed stock for fish farmers islandwide.

Manager for the Promoting Community-based Climate Resilience in the Fisheries Sector Project, Selena Ledgister, says the hatchery’s establishment is critical for securing a sustainable fisheries sector.

“Construction is on in earnest and we are looking before the year is out – which would be by around September or October – to complete the building part of it. The Project will be supporting the purchase and installation of the recirculating aquaculture system. This system will provide over five million advanced fries (young fish) per year, using the recirculating aquaculture system,” she told JIS News.

The bio-secure climate-resilient modular hatchery, being developed in partnership with the Jamaica Social Investment Fund (JSIF), will feature a solar standby generator, plumbing system, rehabilitated guard host and administrative building.

Mrs. Ledgister said the hatchery, to be built and operated under environmentally friendly conditions, will impact the lives of fish farmers islandwide.

“I believe we have over 120 aquaculture farmers, and that number is growing; so, this will benefit the industry significantly. The hatchery is also expected to cushion the demand for fish. Fish farmers will also get the supply of advanced fries to restock their ponds. This is a significant impact that the Climate Resilience Project, as well as JSIF, will be creating for the Jamaican fish farmers,” she said.

 

Contact: Twila Wheelan

Release: JIS

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Trust Fund for Poor Children Born On or After August 6, 2022

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#Kingston, Jamaica, March 27, 2024 – Children born on or after the 60th anniversary of Jamaica’s Independence, who are wards of the State or beneficiaries of the Programme of Advancement Through Health and Education (PATH), will be eligible for the Jamaica 60 HOPE (Hope, Opportunity, Prosperity and Empowerment) For Children Trust Fund.

Jamaica celebrated its Diamond Jubilee on August 6, 2022.

In his contribution to the 2024/25 Budget Debate in the House of Representatives on March 21, Prime Minister, the Most. Hon. Andrew Holness, said the purpose of the Fund is to help to close the wealth gap and address the issue of intergenerational poverty by creating a trust account specifically catered to vulnerable children.

“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 or other donors will also be able to make deposits into the account for the future benefit of any specific child,” Mr. Holness said.

The accumulated funds, including interest, will be accessible on or after the child’s 18th birthday, for specific purposes such as education, purchase of a home or commercial property or investment in a business.

“The central idea behind the programme is to provide children with a lump sum to start them in life upon attaining adulthood. Our initial target is a lump sum of between $600,000 and $800,000, to be available on the 18th birthday of any eligible child,” Mr. Holness said.

He noted that the Government will also explore alternatives to establish and manage the Fund, adding that it could form part of the National Insurance Fund or be administered by private insurance companies.

“This is, I believe, a ground-breaking initiative to truly grapple with inequality in the society. From a historical perspective, there are many households who have no endowment in Jamaica, meaning that they can’t look towards anything bequeathed to them from their family. There is no asset being passed down to them from generation. The only way that they are able to create any wealth is through their labour, through the dint of their effort – literally pulling themselves up by their bootstraps,” Mr. Holness said.

The Prime Minister emphasised that as the economy grows, the Government has a responsibility to take instrumental and decisive steps to break the cycle of intergenerational poverty and correct structural inequalities.

“The intention here is great, the amount may be considered small, but it is the first step in the right direction to truly create a more equitable society,” Mr. Holness said.

 

Contact: Judana Murphy

Release: JIS

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Port Royal Museum to Open in May

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#Kingston, Jamaica, March 26, 2024 – The long-awaited Port Royal Museum is expected to be opened in May of this year, with the first exhibit set to be unveiled at the event.

Construction of the two-storey facility, which will be the first fit-for-purpose museum erected in Jamaica, was done at a cost of $788 million with funding from the Port Authority of Jamaica (PAJ).

Major work on the building was completed in December 2023, with finishing touches and furnishings left to be done.

Director of the National Museum Jamaica (NMJ), Dr. Jonathan Greenland, told JIS News in an interview that the new museum will replace the older and much smaller facility at Fort Charles.

“It didn’t touch all the subject areas… so we lobbied for the Port Authority to collaborate with us and develop a museum in Port Royal, and so they’ve actually constructed a huge building with restaurant facilities, lots of parking, multifunctional space and meeting rooms, shops and everything that a modern museum should have,” he said.

The museum will also be fully accessible to members of the disabled community with wheelchair ramps and an elevator.

Dr. Greenland added that the location of the museum is also of notable significance to the history of the sunken city.

“Right on the spot where the museum is going to be, there was a rebellion of the enslaved workers from the dockyard. The leader of the rebellion or uprising was a skilled bricklayer and when you look at the walls around the whole area where the dockyard used to be, he was probably involved in building that,” he said.

He further pointed out that the museum will present a new opportunity for the NMJ to attract even more visitors and facilitate cultural tourism.

“We’re very excited…. and you know Port Royal is a very interesting place and the history is fascinating. We always had loads of visitors from all around the world without doing any marketing whatsoever, and this is going to be a whole different level of merchandising, marketing and tourism. This is fascinating history and it’s going to be quite dramatic,” Dr. Greenland told JIS News.

 

Contact : Jermi-Lee Nelson

Release : JIS

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