Guyana to pay over GY$10 billion in one-off pensions to seniors
Key Points(5)
- More than 25,000 senior citizens across Guyana are expected to receive a one-time payout from the government, totaling over GY$10 billion, President Irfaan Ali announced on Thursday.
- The payments will go to individuals who have reached the age of 60 on or before December 31, 2024, but did not meet the minimum 750 contributions required to qualify for a pension under the National Insurance Scheme (NIS).
- The initiative is aimed at offering financial relief to thousands of older citizens who have fallen short of the threshold.
- Speaking during an event with senior citizens, President Ali said the measure is a “one-off” payment and emphasized that it would be rolled out using existing data in the NIS database.
- “From Friday, the NIS will begin disbursing payments to eligible pensioners based on their contribution history,” the President said.
More than 25,000 senior citizens across Guyana are expected to receive a one-time payout from the government, totaling over GY$10 billion, President Irfaan Ali announced on Thursday.
The payments will go to individuals who have reached the age of 60 on or before December 31, 2024, but did not meet the minimum 750 contributions required to qualify for a pension under the National Insurance Scheme (NIS). The initiative is aimed at offering financial relief to thousands of older citizens who have fallen short of the threshold.
Speaking during an event with senior citizens, President Ali said the measure is a “one-off” payment and emphasized that it would be rolled out using existing data in the NIS database.
“From Friday, the NIS will begin disbursing payments to eligible pensioners based on their contribution history,” the President said. “For those who believe they qualify but are not in the database, you are encouraged to submit your documents at NIS offices or during outreach sessions that the Ministry of Finance and NIS will be holding together.”
The payout amounts will vary depending on the number of contributions made:
- 500 to 549 contributions: GY$260,000
- 550 to 599 contributions: GY$390,000
- 600 to 699 contributions: GY$520,000
- 700 to 749 contributions: GY$650,000
President Ali said this measure would inject “over $10 billion of additional disposable income into the hands of our senior citizens,” helping to ease financial burdens for those who narrowly missed the NIS qualification mark.
Outreach efforts to assist applicants will begin on Friday, with joint teams from the Ministry of Finance and the NIS facilitating document submissions and helping verify eligibility.
