Increasing pension contributions among Jamaicans could significantly strengthen the country’s economy while improving financial security for retirees, according to Hugh Reid, managing director, JN Life Insurance

Reid said pension savings serve a dual purpose by providing individuals with income in retirement while also creating a pool of capital that can be invested in national development.

“Persons should contribute to a pension scheme to ensure retirement income and to supplement social security and personal savings,” he explained. “When more individuals are financially prepared for retirement, there is less pressure on the State to provide support for the elderly, particularly in times of economic strain.”