Government announces $260,000 – $650,000 grant for senior folk not meeting NIS contributions

The government will commence one-off payments to senior citizens who have attained the age of 60 on or before December 31, 2024, but did not meet the minimum requirement for the National Insurance Scheme (NIS) pension.

President Dr Mohamed Irfaan Ali made the announcement during a live broadcast at State House Thursday morning.

He said the payout could even begin this Friday after some $10 billion is transferred to the NIS.

Senior citizens who have made between 500 to 749 contributions will receive as follows:

• 500 to 549 NIS Contributions – One-Off Payment of $260,000
• 550 to 599 NIS Contributions – One-Off Payment of $390,000
• 600 to 699 NIS Contributions – One-Off Payment of $520,000
• 700 to 749 NIS Contributions – One-Off Payment of $650,000

With this injection, more than $10 billion in disposable income will be placed into the pockets of some 25,000 pensioners nationwide.

The president is urging eligible pensioners who are not on the NIS database to swiftly register at the various NIS branches to benefit from this programme.

Over the years, numerous senior citizens have complained to the government of being robbed of their NIS pension after their employers either failed to make deductions or remit those to the scheme.

This barred them from receiving their rightful benefits after turning 60. In Guyana, insured people who have turned 60 are eligible to receive a NIS pension.

An NIS-insured individual must have made or received credit for a minimum of 750 contributions to be eligible

“In our outreaches and in talking to pensioners across the country, there are those who contributed to NIS and may have had 555, 600 [and] 650 contributions and beyond,” the president noted.

He added, “This was not only burdensome on the NIS system, but also, we committed to helping people. We want to find ways in which we can make it easier for our citizens, especially the elderly.”

President Ali reminded that this additional initiative complements the increased pension from $20,500 in 2020 to $41,000 in 2025. This investment has benefitted over 76,000 pensioners and has resulted in a total old age pension fee of $37 billion.

“Our unwavering commitment to you, the people of this country, is that we will continue to implement such measures that improve the lives of every single Guynese, and make no mistake of it. We will continue to do so through our next term of office,” the president stated.

Pensioners have also benefitted from the national $100,000 cash grant being provided to Guyanese 18 years and above. They are also set to access improved healthcare, with six regional hospitals to come onstream later this year.

He said, “I wish to reiterate that my government remains fully committed to ensuring that the senior citizens of Guyana who have given their best years in service to our country can retire with the dignity and respect they deserve.”

These are part of many initiatives implemented by the Ali-led administration to support and improve the livelihoods of Guyanese.

Only yesterday, the president announced that his government will cover the full cost of Caribbean Secondary Education Certificate (CSEC) examination fees this year for students sitting at least eight subjects.

This initiative will apply to candidates from both public and private institutions, representing an estimated investment of $700 million.