-President Ali says as he announces roll out of $10B initiative
-beneficiaries to get as much as $650K

PRESIDENT, Dr Irfaan Ali on Thursday announced a mammoth $10 billion one-off payout for senior citizens who would have contributed to the National Insurance Scheme (NIS) but do not have enough to qualify for pensions.

During a live announcement, the Head of State explained that the payout will provide financial support to those NIS contributors.

“This is yet another fulfilment of something we did not even promise, but something we heard from you when we visited you, when we talked to you, when we interacted with you. And that is what this government is about; delivering better, delivering bigger and delivering every single day for the people of our country,” President Ali said to the group of senior citizens and NIS staff seated in front of him.

WHO IS ELIGIBLE TO RECEIVE THE PAYMENT?

To qualify for the payout, the contributors must have been at least 60 years old on or before December 31, 2024.

Further, they must have between 500 to 749 contributions in the scheme. The full pension requires 750 contributions.

HOW MUCH WILL BE PAID?

According to the information provided, 500-549 contributions will attract $260,000. Those with 550-599 contributions will receive $390,000, while those with 600-699 contributions and 700-749 contributions will receive $520,000 and $650,000 respectively.

Back in October 2024, during a special sitting of Guyana’s National Assembly, Dr Ali had revealed plans to provide a $10 billion financial support to the NIS to address the challenges the institution was facing.

Provision was later made in the 2025 fiscal package, allowing for much-needed support to be provided to contributors who had fallen marginally short of the 750 contributions required for eligibility for pensions from the NIS.

“In our outreaches and in talking to pensioners across the country, there are those who contributed to NIS, and may have had 550, 575, 600, 650 contributions and beyond, but they were getting absolutely nothing because they fell short of the contribution that was required to give them a pension. And this has been a problem and a challenge faced by our pensioners, by the elderly, and also by the staff of NIS,” President Ali said, highlighting how senior citizens can now benefit from the government’s initiative.

WHEN WILL MONIES BE PAID?

Payments are scheduled to commence today. The NIS will be using its existing records to identify eligible persons who would then be contacted or invited to visit the NIS office.

“The NIS would have already had a database of pensioners within the various categories. So, beginning on Friday [today] using that database, they will commence the payout of this initiative.”

President Ali further urged contributors who have not yet submitted their documents to do so at their respective NIS offices or provide their information at joint outreaches that are being conducted by the Ministry of Finance and the NIS.

SUITE OF MEASURES

President Ali reminded his audience that the announcement is part of a suite of measures the People’s Progressive Party/ Civic (PPP/C) government has implemented within its first term in office.

With policies ranging from providing financial support to improved access to healthcare, he noted that the government has been guided by a philosophy of service to the people.

“Our unwavering commitment to you, the people of this country, is that we will continue to implement such measures that improve the lives of every single Guyanese. And make no mistake of it, we will continue to do so through our next term of office, in 2030 and throughout our subsequent terms of office beyond 2030,” he said.

Since assuming office, the government has doubled old-age pension
from $20,500 to $41,000. This has benefitted over 76,000 pensioners at the cost of $37 billion.

“I wish to reiterate that 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.”

The President also mentioned the ongoing investments in the public healthcare system, including the construction of 12 new hospitals and telemedicine centres in remote communities.

“Our senior citizens in particular will be served by these and other investments we are making in the health sector, so that they can all live long, healthy, fulfilling and dignified lives. This is the promise of your government,” President Ali emphasised.