The Financial Services Commission (FSC) has ruled out a state-administered micro-pension scheme for the more than one million workers currently without retirement coverage.

A micro-pension is a retirement savings product designed for low-income and informally employed workers, allowing sporadic or irregular contributions as low as $400.

"It was determined that a micro-pensions product would not be feasible for Jamaica," an FSC consultation paper stated. "However, it was stressed that the  Approved Retirement Schemes (ARS) framework could be strengthened for greater accessibility and more support could be given to the Ministry of Labour and Social Security in their effort to increase the coverage of National Insurance Scheme (NIS)."