The Pension Act
The Juice
Created on October 3, 2022
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Transcript
The Pension Act
of Jamaica
- What is Pension
- Why was it established
- Who qualifies for pension
- How is pension calculated
- What happens if an officer dies
- The Pension Payment Process
Objectives
What is Pension?
Pension
- A Pension is a kind of retirement plan that pays out money each month once you retire from a Job.
When was the pension act established in Jamaica?
jamaica
The pension act was established in 2017
Why was this established?
Pension Act
This Act was established to ensure the payment of pension garantees and other qualified member of the economy (called officers)
Who qualifies for Pension in Jamaica
This Act applies to:- everyone appointed as permanent pension officers- Teachers - Persons employed to municipal cooperations- Constables and district constables
- After turning 55 or under certain circumstances, at age 50 with the Gover generals concent.
- if he is transfered to another public service and the law or regulations that apply to that service allow him him to retire on a pension in that situation.
- upon medical documentation that satisfy the governor general that he is unable to perform his duties effectively due to physical or mental impairment that is likely to be permanent. this medical proof comes in the form of a government medical board report.
- On abolishing the post
- Regarding the reorganization of service to acheive great economic efficiency
- In the public interest, retirement
An officer with atleast 10 years of continuous duty may retire from the service under one or more of the following circumstances, according to the pensions act:
However, an officer may be forced into retirement at any time after turning 55, or at 50 with the governor generals permission in particular circumstances. However, it should be emphasised that the standard retirement age is 60 years old without affecting an officer's ability to choose to retire or the governments ability to force an officer to do so upon reaching the age of 55 or, in certian cases, 50 years.
The pension branch keeps an eye on the aforementioned requirements for retirement. The ministry completes all pension calculations and sends them to the Accountant General.
How is pension Calculated?
Pension Act
Each full month of pensionable service is multiplied by 1/540 of the pensionable emoluments to determine the pension amount. The pension amount is determed using the pensionable salary at that time of retirement
What happens if an officer dies?
If an officer passes away while on duty and given that he was appointed to his position, his estate may be paid in one of the following:- Either his commuted pension gratuity, which is the gratuity the deceased himself would have earned if he had resigned at the time of his death and had chosen to receive a lower pension and gratuity , or 1 year's pensionable emoluments, whichever is greater.
It should be made clear that, contrary to popular belief,that the deceased's estate recieves this gift and not his spouse. payments is given after a will or letters of administration issued in the estate are produced.
The Pension payment process
The Pensions Unit of the Accountant General's Department pays all GOJ pensioners in accordance with directives from the Ministry of Finance Pensions Branch. More over 33,000 retirees are registered, and they are often divided into 12 sections.
- compassionate award
- widows and orphans
- Jamaica Railway Coorperation
- Agricultural society
- Public Officer
- Police (ISCF)(JDF)
- Parish council
- Governor General
- Pensioner's relief Fund
Pension
- Each pension payment is governed by one of these laws, and each pensioner is further assigned to a subdivision in line with the Ministry, Department, or Agency (MDA) from which he retired.
- Legislative service Act
- The Parish Councilers Act
- Jamaica Railway Cooperation( pensions) Regulations 1973
- The Pension Act
- The Teacher's Act
- Pensions (civil service family benefits)Act
- Constabulary Force Act
- The Constables (special ) Act
- Pensions (Prime minister) Act
Research
A lot of current medical knowledge comes from research of doctors on enslaved people and other Black Americans without their free and knowing consent. This research affects modern day mortality rates of POC patients. Additionally, doctors traded black bodies for medical schools and museums.
The Ministry of Finance and Planning's Award Letter serves as the legal basis for payments. The Award Letter specifies exactly what must be paid and gives the following instructions for payment:
- Gratuity on Pension
- Gratuity on compassionate (one off payment)
- Advance
- Alimentary Allowance
- Pension and gratuity
- Monthly Pension
- Tempory Supliment
- Restoration On full pension
- Balance of Pension
- Re-computation of pension
- widows and orphans
- Estate payments
Treasury. Jamaica information service 2017 https://www.treasury.gov.jm/service/pension-administration/#1544798945
- Pension definition. Bankrate 2021 https://www.bankrate.com/glossary/p/pension/
References
Gracias