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Jamaica: Sagicor Life Allocates $40M To Help Pensioners Impacted By COVID

With some new retirees reeling from a reduction in their retirement income due to the adverse effects of the coronavirus (COVID-19) pandemic on market conditions, Sagicor Life Jamaica has allocated $40 million towards an increase in their pension payment.

Sagicor Life is giving up a portion of its pension fund investment fees to improve the retirement benefits of pensioners who retired between April and July this year and would have experienced a decrease in their portfolios due to the decline in asset values.

The company says some pensioners have received the increase as a one-time lump sum payment, while others will receive it in their monthly pension, effective November 1, depending on the value of their allocation.

Since the pandemic, stock markets worldwide have declined considerably, with the Jamaican stock market decreasing by some 28 percent since the start of the year.

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