The vesting period refers to the period of employment that is required to be completed in order for employees to have access to any money that is contributed on their behalf. In a defined contribution plan this refers to the employer’s matching contributions, while in a defined benefit plan this means the benefit in excess of their contributions. Once the employee completes the vesting period they are referred to as vested.
Every plan has a unique vesting period. However, a 5-year vesting period is most common in Jamaica. It is therefore important to check your plan’s documents.