Old age pension to increase to $41,000 from January 2025

The old age pension in Guyana is set to increase to $41,000 per month, effective January 1, 2025. The total pension payout for 2025 is projected to exceed $37 billion.

This was announced by Senior Minister within the Office of the President with responsibility for Finance and Public Service, Dr. Ashni Singh, during his 2025 budget presentation at the Arthur Chung Conference Centre on Friday.

“In keeping with a commitment that we gave in our manifesto, with effect from the 1^st of January 2025, old age pension will be paid at a rate of $20,500 multiplied by two equal $41,000 per month,” the minister stated.

This measure will inject an additional $4.5 billion into the economy by increasing the disposable income of the 76,000 old age pensioners.

The total pension payout for 2025 is projected to exceed $37 billion, Dr Singh revealed.

The old age pension has seen significant increases in recent years: $36,000 in 2024, $33,000 in 2023, $28,000 in 2022, and $25,000 in 2021. Since the PPP/C government assumed office in 2020, the old age pension has increased by 75%.

Furthermore, the minister announced that public assistance will also increase from $19,000 to $22,000 per month.

“This will place in the hands of the recipients of the public assistants an additional $1.4 billion of around 40,000 persons,” Minister Singh said.

These major investments will significantly bring relief to citizens, cushioning their pockets and easy the cost of living in the country.