KINGSTON, Jamaica, CMC – The Jamaica government says it plans to establish a pension scheme for farmers and that one billion dollars (One Jamaica dollar=US$0.008 cents) will be needed to seed the fund.
“Unfortunately, some farmers just keep going, even though they are not so strong, because they are afraid (that) if they stop, they don’t have anything to fall back on. I am pleased to announce that the Ministry has started the process of designing a farmers’ pension scheme,” said
Green, making his contribution to the 2025/26 Sectoral Debate in the House of Representatives on Tuesday, said this would ensure that farmers, like persons in other professions, “can retire… and have a pension”.
Green stated that a total of 387 farmers received payouts exceeding J$1.4 million under the GK Weather Protect insurance facility in 2024. The payout provided J$1.32 million to 352 farmers, while 35 others received J$87,500 to help them recover from unexpected natural impacts.
The Jamaica government has partnered with GraceKennedy Insurance (GKI) to implement a parametric insurance program, offering wind, rain, and drought coverage for Jamaican farmers and fishers.
This vital facility has enabled them to access benefits and recover more quickly from losses caused by extreme weather events.
Green also announced that, following the success of this facility, the Ministry will provide an additional J$7.5 million to support approximately 5,000 farmers in disaster-prone areas and across agro-parks.
This funding will allow more farmers and fishers to access expanded coverage under the Grace Kennedy Insurance scheme.
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