The main idea behind the concept of a Multi-Pillar Pension System is the possibility of combining a set of social protection instruments, each of which plays one or more functions, to guarantee the whole range of objectives of a national pension system.

Universal social protection for older persons is part of the Sustainable Development Goals (SDG) and the UN 2030 Agenda, in particular SDG 1.3 which calls for the implementation of national social protection systems for all, including floors, with special attention to the poor and the vulnerable. Social security is a human right, which in practical terms, is understood as the need to guarantee universal protection without leaving anyone behind.

Combined with transparent and sound financial management and administration required for social security to be further realized. The principle refers to the need for good governance of the system, particularly with respect to financing, management and administration, to ensure compliance with the legal and regulatory frameworks.

Through pension systems, individuals are provided with an income (a regular periodical payment) when they have reached retirement age and are no longer earning a steady income. Pension systems differ around the world, but usually, they are comprised of schemes for different categories of people, from basic social pensions for those with low income to supplementary voluntary savings for those with higher incomes. 

Join us for the Pension Industry Association of Jamaica Annual Luncheon Thursday, July 13, 2023, at the Hotel Four Seasons starting at 11:30 am to learn more.

PIAJ Members – $12,000.00

Non-PIAJ Members – $15,000.00