KINGSTON, Jamaica, CMC – The Jamaica authorities says it plans to determine a pension scheme for farmers and that one billion {dollars} (One Jamaica greenback=US$0.008 cents) shall be wanted to seed the fund.
“Sadly, some farmers simply hold going, although they aren’t so robust, as a result of they’re afraid (that) in the event that they cease, they don’t have something to fall again on. I’m happy to announce that the Ministry has began the method of designing a farmers’ pension scheme,” stated
Inexperienced, making his contribution to the 2025/26 Sectoral Debate within the Home of Representatives on Tuesday, stated this may make sure that farmers, like individuals in different professions, “can retire… and have a pension”.
Inexperienced acknowledged {that a} complete of 387 farmers obtained payouts exceeding J$1.4 million underneath the GK Climate Shield insurance coverage facility in 2024. The payout offered J$1.32 million to 352 farmers, whereas 35 others obtained J$87,500 to assist them get better from sudden pure impacts.
The Jamaica authorities has partnered with GraceKennedy Insurance coverage (GKI) to implement a parametric insurance coverage program, providing wind, rain, and drought protection for Jamaican farmers and fishers.
This very important facility has enabled them to entry advantages and get better extra rapidly from losses attributable to excessive climate occasions.
Inexperienced additionally introduced that, following the success of this facility, the Ministry will present a further J$7.5 million to help roughly 5,000 farmers in disaster-prone areas and throughout agro-parks.
This funding will enable extra farmers and fishers to entry expanded protection underneath the Grace Kennedy Insurance coverage scheme.
