WITH effect from May 1, 42,500 pensioners will see a 25 percent increase in their monthly pensions which will amount to $12,500. This was announced Monday in the 2013 national budget by Minister of Finance, Dr. Ashni Singh.

The annual impact of this increase would result in an additional $1.3 billion of disposable income being placed in the hands senior citizens, and will bring the overall old age pension bill to a total of $6 billion this year, he stated.
According to Dr. Singh, over the years, government has been steadily increasing the non-contributory old age pension paid as a supportive supplement to persons over the age of 65 .
Additionally, government also spends in excess of $200M annually, assisting senior citizens to pay the water tariff they incur through the Guyana Water Incorporated (GWI).
Dr. Singh announced that with effect from 2013, government will make a contribution to assist each pensioner who is a customer of the Guyana Power and Light (GPL) to meet the electricity charges they sustain with that company. In this regard, government will provide each old age pensioner with assistance of up to $20,000 per annum to pay GPL for electricity charges incurred.
This assistance will reduce the electricity charges that will have to be met by each pensioner who is a GPL customer, and will have the effect of increasing the disposable income of senior citizens by a further $590M per annum.
Old Age Pension, under the People’s Progressive Party/Civic Government has been transformed from a regime that required a means test to one where eligibility is automatic at the age of 65, and as the economy continues on the path of growth, pensioners can expect an increase.
In 1992, when the PPP/C government took office, pensioners were paid a meagre $211.