Definitely a bug. There exists a flying cheat code that might help.

Time your jump at the last minute to land on the final platform instead of trying to grab it -- that worked for me. I agree that you should be able to grab it, but it's still possible to reach the platform.
EDIT: I'm able to do it (see attached gif), though I do have a much older processor, so that may be a factor. The noclip cheat mode is probably a better option (see gamefaqs).

Cutter doesn't jump high enough to land on it with his feet.
Tried it about 30 times.
Use a CPU Slowdown tool just for the jump until we get a patch.

Some clarification:
The 'fly' code on the cheats page mpartel linked doesn't actually move your character. The 'benny' code, also listed on that page, is what is needed for this.
-Type "hokkuspokkus" without the quotes during play.
-That will unlock the console if done correctly. Use F12 to open/close the console.
-Type "benny" without the quotes into the console and press enter.
-Move to where you need to be.
-Input the "benny" code into the console again to return the game to normal.

I also used a slowdown program called CPU Killer and it worked. Just slow down the CPU enough and you will be able to jump onto the platform like in the gif attached above.
Though, I guess using the cheat code is more comfortable, if you don't already have such a program installed, anyway.

Thanks a lot for these tips. Because I was too lazy to DL a CPUkiller I just opened Photoshop and let it run some CPU-consuming batch, that worked immediately as well. :)

p.s. If you love Outcast, you should keep an eye on www.openoutcast.org for sure!

CPU slowdown will fix this problem.

I didn't have this problem the last time I played as I was running it on an old pc. Got the urge to play again recently and my new pc was too good! No matter how hard I tried Cutter wouldn't grab the $%£" ledge!

I ran CPU killer at 75% and Cutter jumped the gap 1st time! I'd suggest saving on the last platform before the last jump and again directly after jumping as the slowed CPU really makes the game jumy and not fun to play :P

I was able to make this jump without any cheats, but I didn't land on my feet... instead I managed to get Cutter to grab the edge and pull himself up. To do this I actually had to hold back a little, and let him start falling before moving forward to grab the ledge. It took several tries. I was running a disc version of Outcast and I was using a CPU slowing program already, to get the Twon-has to work properly (GOG's version fixes the Twon-ha problem).

You might also check out the high resolution patch in the sticky thread in this forum, as it apparently contains a fix for this jump as well. I haven't used it yet, but apparently it fixes the jump without you needing to run any CPU slowing programs.

(I've tried about 20 times to make the jump to the last platform.)

I tried the HOKKUSPOKKUS thing, and got the white screen, but when I hit the F12 key, it just bounces back to the game. No chance to type benny or anything else.

I am not computer savvy enough to know how to download and install a CPU killer, nor how to get ride of it after making this jump.

Are there other options?

Here's a solution that I posted in another thread that helped me without any patches or 3rd party software:

When jumping, keep the following three buttons pressed: jump, move forward, and crawl. This should make Cutter grab the ledge and pull himself up. Try it from different angles if it doesn't succeed at first.

It worked on the first jump!
Thank you very much!

The original questions about this jump were using the original, classic version of the game. Since then, the developers released Outcast 1.1, which adds higher resolution support and other fixes to help it run on modern systems. I am curious if there are still problems with this jump in version 1.1, or if they are fixed. Does anyone know? I have not tried version 1.1 myself yet.

I had no problem with the lighthouse.

I did have the very same problem with OC 1.1, so apparently they didn't fix it.

I finally managed to reach the upper platform by pressing crawl (left controller stick) mid-air, expecting Cutter to grab onto the ledge. He didn't, but instead all of a sudden was laying on the lighthouse platform in crawling stance.

So that's a possible way to do that jump, but I guess I just had a lot of luck.