President Dr. Irfaan Ali has unveiled a landmark $10 billion financial support initiative aimed at senior citizens who contributed to the National Insurance Scheme (NIS) but did not meet the full pension threshold.

The government will distribute $10 billion to over 25,000 seniors who have attained the age of 60 on or before 31 December 2024
and have not met the minimum requirement of 750.

The one-off payments will be structured as follows:
500-549 contributions: $260,000
550-599 contributions: $390,000
600-699 contributions: $520,000
700-749 contributions: $650,000

This initiative aims to support elderly citizens who previously did not qualify for a full pension due to insufficient contribution periods. The NIS will begin processing payments starting Friday, using their existing pensioner database.

“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 dignity and the respect they deserve,” President Ali stated. the Head of State said.

President Ali pointed out that People’s Progressive Party Civic government’s commitment to improving the lives of Guyanese citizens, particularly seniors, noting this is part of a broader effort to enhance social support and financial security for older populations.

The programme represents a significant step in addressing pension gaps and providing additional financial relief to long-standing NIS contributors.

“This is yet another fulfilment of something we did not even promise, but something we heard from you… and that is what this government is about—delivering better, delivering bigger and delivering every single day for the people of our country,” the President said.