Senator calls for targeted pension plan for farmers

Drawing on a 2024 Financial Services Commission (FSC) report, opposition senator Ramon Small-Ferguson has highlighted the low participation of Jamaican farmers in private pension schemes, with fewer than one in every 100 enrolled.

In his contribution to the debate on the Pensions (Superannuation Funds and Retirement Schemes) (Investment) (Amendment) Regulations, 2026, Ferguson said the Government and private sector should join forces to address the issue.

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He noted that the report indicates that private pension participation is approximately 49.5 per cent in the commerce and finance industry, four per cent in manufacturing, 1.75 per cent in mining and construction, and a mere 0.58 per cent in agriculture.