In a groundbreaking collaboration aimed at empowering Jamaican workers in the manufacturing and export sector, Sagicor Group Jamaica Limited is providing 20,000 employees with access to life and health insurance at discounted rates, along with essential financial knowledge. This partnership, forged through a memorandum of understanding with the Jamaica Manufacturers and Exporters Association (JMEA), is set to revolutionize financial security, business development, and financial literacy for JMEA members.
Key points from the partnership include:
- Targeting smaller businesses within the JMEA, focusing on micro and small companies that currently lack insurance coverage for their employees.
- Extending benefits to underserved contracted workers who are part of larger companies but do not have access to insurance.
- Implementing a comprehensive program that includes a group and life insurance scheme for JMEA members, as well as financial education initiatives catering to personal growth within the JMEA space.
- Providing support to small businesses through Sagicor Bank’s SME Resource Centre to enhance their financial well-being and productivity.
This initiative underscores the critical role of large companies in supporting smaller entities, especially considering that smaller businesses account for over 70% of the Jamaican workforce. Minister of Industry, Investment and Commerce, Senator Aubyn Hill, emphasized the importance of this collaboration in driving economic growth and ensuring the welfare of Jamaican workers.
Sagicor’s commitment to the development of small businesses and the provision of essential insurance coverage for Jamaican workers has not gone unnoticed. The supportive stance of Sagicor in advocating for the growth and financial stability of local businesses has been hailed as exemplary leadership by Minister Hill.
Furthermore, Sagicor’s dedication to sponsoring upcoming JMEA events, including Expo Jamaica in April, highlights their continued support for the economic development and welfare of Jamaican workers. President and CEO of Sagicor Group Jamaica, Christopher Zacca, expressed the company’s substantial financial commitment to these initiatives, amounting to several million dollars.
This collaborative effort between Sagicor and the JMEA stands as a testament to the power of partnership in creating impactful change and fostering financial empowerment within the Jamaican workforce. Through this initiative, thousands of workers in the manufacturing and export sector will not only gain access to essential insurance coverage but also acquire vital knowledge to secure their financial future.
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