Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh on Friday evening announced an increase in the old-age pension to $41,000.

This will take effect with January payments and will benefit 76,000 persons.

“We will be delivering on our commitments…This one measure will place an additional 4.5 billion of disposable income in the hands our old age pensioners,” Dr. Singh announced.

The total pension payout in 2025 will be amounted to over $37 billion.

Meanwhile, the finance minister also announced that the monthly public assistance payment, which is provided to vulnerable persons, will be increased to $22,000. This move is expected to provide about $1.4 billion in additional disposable income to about 40,000 people.