THE payment of old age pensions and public assistance by the Ministry of Labour, Human Services and Social Security for the month of June will commence today at various locations, the ministry said in a recent press release.

With effect from May 1 last, 42,500 pensioners saw a 25 percent increase in their monthly pensions, which amounted to a total of $12,500. The increase was announced by Finance Minister Ashni Singh during the presentation of the 2013 National Budget.
The annual impact of this increase would result in an additional $1.3 billion of disposable income being placed in the hands of senior citizens, and will bring the overall old age pension bill to a total of $6B this year.
According to the minister, 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).
With effect from this year, government will be making a contribution to assist each pensioner who is a customer of 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 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 growing, pensioners can expect an increase.
In 1992, when the PPP/C government took office, pensioners were paid a meager $211.