Jamaica 60 HOPE For Children Trust Fund Building a Caring Economy
“My administration is committed to dismantling barriers to education, healthcare, employment, and housing, and ensuring access to opportunities for all Jamaicans.”
– Prime Minister Holness
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The Andrew Holness Administration has moved to significantly address intergenerational poverty and close the wealth gap in Jamaica with the launch of a novel fund for children.
Prime Minister Andrew Holness has announced the establishment of the Jamaica 60 HOPE (Hope, Opportunity, Prosperity, and Empowerment) for Children Trust Fund. This initiative is part of the Government’s targeted intervention to reduce social gaps in the country.
Making his contribution to the 2024/25 Budget Debate on Thursday (March 21), Prime Minister Holness said: “Beyond unemployment insurance, we must also invest in programmes that create opportunities for individuals and families to escape the cycle of generational poverty. Thousands of our children in low-income families reach adulthood without any household savings to give them a start in life. This perpetuates the cycle of poverty. We have to break this cycle.”
The Jamaica 60 HOPE For Children Trust Fund is designed to provide each eligible child with a long-term savings account, funded through annual contributions from the Government, parents, guardians, or other donors.
The accumulated funds, including interest, will be accessible on or after the child’s 18th birthday for specific purposes such as education, purchase of a home or commercial property, or business investment.
Eligibility for the programme extends to any Jamaican child born on or after the 60th anniversary of independence (August 6, 2022) who is part of a PATH household or a Ward of the State.
Prime Minister Holness affirmed that the Government which he leads is committed to tackling poverty and structural inequalities, emphasizing tangible actions over rhetoric. “My administration does not just talk about poverty. We have undertaken the most significant expansion of the Social Security system in Jamaica since independence. We are committed to dismantling barriers to education, healthcare, employment, and housing and ensuring access to opportunities for all Jamaicans.”
The Jamaica 60 HOPE For Children Trust Fund represents a pivotal step towards a brighter future for Jamaica’s youth, with a focus on economic empowerment and upward mobility.