The Jamaican authorities has promised the implementation of a nationwide unemployment insurance coverage for residents.
The announcment was made by Finance Minister Dr. Nigel Clarke through the the Jamaica Labour Celebration’s eightieth annual convention in Kingston on Sunday.
Unemployment insurance coverage protects employed individuals in opposition to the chance of job loss, and it facilitates entry to partial revenue during times of unemployment.
Throughout his speech, Dr. Clarke mentioned the scheme will quickly come to fruition, although he gave no date for when it will likely be applied.
“We now have a Tourism Staff’ Pension Fund with 9,000 individuals; we now have a social pension introducted by Jamaica Labour Celebration with 12,000. We’ve introducted paternity depart within the public service, and dealing with Minister Charles, we’ll introduce to Jamaica unemployment insurance coverage. You lose your job, you don’t fall down in your face, you will get again up as a result of the federal government is supporting you on a tempraty foundation with revenue,” Clarke promised to JLP supporters on the Nationwide Enviornment.
Not a brand new promise
The concept of an unemployment insurance coverage was touted by Dr. Clarke in early 2022. However at the moment, he mentioned there wanted to be a feasibility examine earlier than the scheme may very well be applied.
In Might 2022, Chairman of the Restoration Planning Committee of the Nationwide Catastrophe Threat Administration Council, Dr. Wayne Henry, introduced {that a} feasibility examine was accomplished.
Dr. Henry, who can be Director Normal of the Planning Institute of Jamaica (PIOJ), mentioned unemployment insurance coverage is among the suggestions of the Labour Market Reform Fee that was housed on the PIOJ.
“It’s a particularly sturdy doc. Cupboard has reviewed it and quite a lot of suggestions [were made] and a kind of suggestions included wanting on the feasibility of building unemployment insurance coverage, and due to the event of the pandemic that has been fast-tracked,” Dr. Henry mentioned.
“We now have accomplished that, and it’s now prepared to return to Cupboard, only for the kind of engagement with unions. So, it’s one thing we’re wanting into, making the social safety mechanism for Jamaica far more sturdy,” he added.
Dr. Henry mentioned that along with offering temprary revenue for unemployed individuals, the insurance coverage may function a macroeconomic stabilisation software during times of financial downturn by strengthening Jamaica’s capability to reply to financial shocks, whereas lowering the chance of poverty amongst staff and their households in intervals of disaster.
Unemployment insurance coverage exists in other Caribbean countries equivalent to Barbados and The Bahamas the place safety is supplied to staff within the formal sector who misplaced earnings and are unable to acquire appropriate employment.
