VM Offers Pension Scheme to Agriculture Sector Employees

VM Pensions Management, a subsidiary of financial conglomerate VM Group, has introduced its latest offering for employees in the agricultural sector.

The company has tailored its Approved Retirement Scheme, ARS, for CB Group.

An ARS provides a tax-free way of saving for retirement, designed for self-employed individuals, professionals, and contract workers not covered by traditional pension plans.

VM says the tax-advantaged retirement plan offers company-administered personalised pension solution to CB Group’s fixed-term or fortnightly employees.

It is expected to contribute a significant advancement in accessible retirement planning within the national employment landscape.

In Jamaica, fewer than 20 per cent of the roughly 1.3 million people employed have access to a pension plan. This, according to VM, means over one million people face financial insecurity in retirement.

The company says the partnership between VM Pensions and CB Group marks an important step in addressing this pension crisis, giving access to over 1,300 CB Group employees.