Opposition Leader Bruce Golding (right) fields questions from journalists at a post-annual conference press briefing at the Jamaica Labour Party's Belmont Road, New Kingston, headquarters on Monday while party deputy leaders Dr. Horace Chang (left) and Audley Shaw look on. - Rudolph Brown/Chief Photographer

Opposition Leader Bruce Golding says a Jamaica Labour Party (JLP)-led administration would remove Education Tax and HEART deductions and replace these revenue sources with low-interest loans from multinational agencies including the World Bank.

The cheap funds, according to Mr. Golding, would be used to finance the party's education initiative.

He told journalists Monday at a post-annual conference press briefing at JLP headquarters, Belmont Road, New Kingston, that discussions with at least one multinational agency had already begun.

"I (will) prepare a paper which I will submit to them as a basis for discussion that I want to have with the World Bank group," he said.

The disclosure comes one day after Mr. Golding announced that his party would consolidate statutory payments into a single social security deduction, if it forms the next Government. He was addressing tens of thousands of supporters at the JLP's annual conference Sunday at the National Arena. The event was also carried live on radio and television.

Details

Giving details, Mr. Golding said the revenue collected would be divided equally between the National Housing Trust (NHT) and the National Insurance Scheme (NIS), with one-third going toward financing a national health insurance programme.

This allocation, he added, would be used to augment the already existing National Health Fund to provide a reasonable level of insurance to cover non-elective surgery.

Commenting further on his plans to consolidate statutory deductions, the Opposition Leader said this move would simplify the accounting process for especially small businesses, which have to maintain separate accounts for NIS, NHT and Education Tax.

According to Mr. Golding, for years the Education Tax was lumped into the Consolidated Fund though it should have been dedicated primarily to education.

Turning to his recommendation on revamping the NHT, Mr. Golding said his plan would include spreading housing benefits to more NHT contributors.

He suggested that contributors who accumulate a certain amount of money with the trust would be allowed to access benefits at any time under a system similar to that of the credit union movement.