-Jagdeo discloses; says it has increased by 75 per cent since gov’t took office in 2020
-slams Opposition for failing to keep promises to elderly

OLD-AGE pension has increased by 75 per cent since the People’s Progressive Party/Civic (PPP/C) Government assumed office in 2020 and in 2025, it will climb to $41,000, according to Vice President, Dr Bharrat Jagdeo.

Jagdeo during a press conference, last Thursday, at the Office of the President, slammed the Opposition for their track record of failed promises.

Members of the A Partnership for National Unity and the Alliance For Change (APNU+AFC) have repeatedly criticised the efforts of the PPP/C Government and had failed to double old-age pension as they had promised before they exited office.

However, in just three years, the Irfaan Ali-led current administration has been putting measures in place to improve the lives of elders. One such measure is the old-age pension which will be increased to $36,000 when Budget 2024 is passed. It was $20,500 when government took office in 2020.

While counteracting the claims that the increase was not enough, Dr Jagdeo reflected on how it has been increased under this administration.

“Our old-age pension now… is higher than the wages of workers… in some parts of the world,” he said.

Furthermore, he said that the old-age pension is not a replacement for income, but instead it serves as a support for the elderly.

Under the previous APNU+AFC government, the pension in 2015 moved from $13,125 to $17,000.

In 2016, it increased from $17,000 to $18,200 and in 2017 it went from $18,200 to $19,000.

Moreover, old-age pension increased from 19,000 to 19,500 in 2018; just $500 more. And in 2019, despite passing a $300.7 billion budget, the elderly only saw $1,000 more on their pension; the final figure being $20,500.

While reflecting on the “increase” that pensioners saw for the entire five years under APNU+AFC, the Vice President stated: “…That is APNU’s track record of giving an increase…”

Putting the annual allocations into perspective, that is, the $7,375 increase for the entire five years, Dr Jagdeo highlighted the 200 taxes that were placed on the backs of citizens and the Value Added Tax (VAT) on electricity, water, basic food items, among other amenities by the APNU+AFC when they were in office.

Additionally, the previous administration had removed the water subsidies given to pensioners. The PPP/C has since reinstated this initiative.

Dr Jagdeo further remarked: “We said in our manifesto that we want to double old-age pension; we’ve increase it so far by 75 per cent. So, those who are talking about $3,000 now, need to understand that old-age pension has increased by $15,500 since the PPP got into office, nearly double the amount that APNU had…”

He then went on to say: “It [old-age pension] is $36,000 now. It will go to $41,000 next year… consistent with our manifesto promise that we made.”

While giving an in-depth analysis of how much more money is being placed back into the pockets of the elderly, Dr Jagdeo pointed out that pensioners are now getting $2.7 billion more than last year and it is costing the government $14.1billion more per year than 2020.

“…We wish we could’ve given a lot more to pensioners but look at our record…,” he said while reflecting that initially not all elderly persons could have received pension but it was the PPP/C administration that implemented the policy that the every Guyanese who attained a certain age is able to benefit.

PROVEN TRACK RECORD
Once the budget is passed, the old-age pension will move from $33,000 to $36,000 and will benefit some 76,000 persons.

In 2023, the government increased old-age pension from $28,000 to $33,000. The increase placed some $4.4 billion in disposable income back into the pockets of the elderly.

In 2022 it was increased from $25,000 to $28,000 placing $2.3 billion of disposable income in the hands of the elderly.

In 2021, old age pension was increased from $20,500 to $25,000 monthly.

In addition to these increases, in 2021, a one-off grant of $25,000 was paid to pensioners, providing them with an additional $1.6 billion back into their hands and they were also given an additional $28,000 one-off cash grant in 2022.

Moreover, in 2023, pensioners across the country received a $25,000 bonus, which benefitted over 72,000 pensioners at a cost of $1.8 billion.

The payouts are among a number of measures that the government has been implementing since 2020 to improve the lives of pensioners across the country.

Aside from direct cash transfers, other measures that senior citizens have benefitted from, include the reintroduction of water subsidy which has benefitted over 27,000 pensioners and provided them with additional disposable income of $200 million per annum.

The government has also made it easier for pensioners to access their monthly pension through alternative payment methods such as direct bank payments, as well as direct payment to shut-in pensioners including persons living with disabilities and persons who do not have access to a post office.

In its 2020 manifesto, the PPP/C, under the heading: “EMPOWERING WOMEN AND TAKING CARE OF CHILDREN AND VULNERABLE GROUPS,” promised to increase old age pension to $40,000 per month. This promise is already coming into fruition as this year’s fiscal package has spiked it to $36,000.