Finance Minister, Dr. Nigel Clarke says the time has come for Jamaicans to now benefit from an unemployment insurance scheme.
An unemployment insurance scheme refers to a programme that provides financial coverage for persons in case they lose their job.
Nora Gaye Banton reports.
According to Dr. Clarke, his ministry is expected to sign a $20 million US loan agreement with the World Bank to implement an unemployment insurance scheme in Jamaica.
Dr. Clarke says employees who contribute to the National Insurance Scheme, NIS, will be automatically included in the plan.
He says once it’s confirmed that an employee has been terminated, the individual would become eligible to receive an unemployment benefit.
That benefit would represent a specific percentage of their previous weekly income over a fixed period of time.
Meanwhile, the Finance Minister says the government plans to consolidate all statutory deductions, including the insurance scheme, into a single deduction.
Dr. Clarke says after 60 years of successive governments deliberating on the unemployment insurance scheme, the time has come for it to become a reality.
He was speaking at the 2024-2025 Budget Debate in the House of Representatives on Tuesday.
