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Some 20,000 workers in the manufacturing and export sector are being provided with an opportunity to obtain life and health insurance at preferential rates as well as knowledge about wealth creation from financial giant Sagicor Group Jamaica Limited.
A memorandum of understanding was signed between Sagicor and the Jamaica Manufacturers and Exporters Association, JMEA, to establish a partnership focused on financial security, business development, and financial education for JMEA members.
JMEA Executive Director Kamesha Blake said the agreement mainly targets the smaller businesses in the organisation which make up more than 300 of its 575 members.
“For this plan, we are targeting mainly micro and small companies that currently don’t have insurance policies for their staff. Likewise, we’re looking to underserved contracted workers that are part of larger companies but currently don’t have benefits,” Blake told the Financial Gleaner after the signing which took place at Sagicor’s headquarters in New Kingston on Tuesday.
The manufacturing sector employs about 85,000 Jamaicans, according to data from the Statistical Institute of Jamaica.
Mark Chisholm, chief revenue officer at Sagicor said the agreement involved a two-pronged approach, group and life insurance scheme for JMEA members, as well as a range of initiatives under STAFF or Sagicor Talks About Financial Fitness, to help workers become more “productive and to save and earn while they grow in the JMEA space”.
The programme also involves support for small businesses, through Sagicor Bank’s SME Resource Centre.
While acknowledging the availability of various pension schemes in Jamaica, Chisholm said Sagicor’s plans provided assurance for the senior years as well as planning for “life’s big moments”, such as home ownership, marriage and the birth of children.
Minister of Industry, Investment and Commerce Senator Aubyn Hill underscored the importance of large companies assisting smaller entities, as the latter group employed more than 70 per cent of the country’s workforce.
“Sagicor has shown firm advocacy for the development of our small businesses while supporting the greater cause of health and life insurance for Jamaican workers. That is truly leadership with purpose,” Hill said at the signing ceremony.
Meanwhile, Sagicor also has committed to the sponsorship of upcoming JMEA events, including Expo Jamaica which is scheduled for April in Kingston.
President and CEO of Sagicor Group Jamaica, Christopher Zacca, said only that the level of sponsorship provided amounted to “several millions of dollars”.
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