PRESS RELEASE – IN its continued effort to offer enhanced value to its members, the St. Lucia Chamber of Commerce hosts a Breakfast Meeting to present a proposal for a Multi-Employer Pension Plan to its members.
This plan will seek to give firms, large or small the opportunity to create a pension program that suits their Budget, capacity and interest of their staff.
While the National Insurance Corporation provides a certain measure of social security, many persons would wish to enhance their retirement income if given an opportunity to do so.
At the same time many firms already have a measure of company pension plans in place. Though social security is a source of income during retirement it is usually inadequate.
For many, retirement appears to be well into the future and unexpected expenses that may be face during retirement are not always given consideration.
It is with this in mind that the Chamber finds the need to bring this issue to the fore in the plans of our member Companies.
We are confident that the establishment of an affordable pension plan is beneficial to both employers and employees!
On October 10th 2018 The St. Lucia Chamber of Commerce in collaboration with Pension Management Interactive Inc (PMI) will present a proposal to establish the multi-employer plan, under the theme “Enhancing Employers While Enhancing Employees”.
The presentation will explore several of the benefits to the Chamber and Members including: The offer of increased coverage to Member Companies in a cost-efficient manner, provision of a centralized system of governance with a universal set of standards and operational procedures, provision of flexibility to Member Companies via Deed of Adherence and Member Companies strongly support and are advocates for social protection within the Chamber and Industry
Chamber Members as employers appreciate that a pension plan may impact the long-term success of the company’s human capital and acts as an incentive, building moral and encouraging longevity with the company.
For employees a pension plan provides an added benefit toward financial security; it is a source of income during retirement to maintain one’s standard of living.