-Jagdeo says gov’t pledges to increase NIS pension during next term in office

SENIOR citizens who collect pension through the National Insurance Scheme (NIS) will receive a major cash boost, as People’s Progressive Party (PPP) General Secretary, Dr. Bharrat Jagdeo has promised a higher NIS pension during the party’s next term in office.

He made this announcement during a press conference on Thursday at Freedom House.

“We will make major injections from the Treasury, and that will be one of the things we have already done… [but] we will do that in a major way in the next term to ensure that the NIS pension can also be increased periodically.”

Following President Dr. Irfaan Ali’s announcement of the landmark $10 billion financial support initiative aimed at giving financial support to senior citizens who contributed to the NIS but did not meet the full pension threshold, Dr. Jagdeo underscored that the administration is one that cares and listens to the people.

Although the government has resolved nearly 10,000 NIS cases where people were treated unfairly, according to Dr. Jagdeo, there were still instances where persons did not qualify for NIS pension because they had insufficient contributions.

Dr. Jagdeo stated that the government deemed it “grossly unfair” that persons who made more than 500 contributions to NIS but less than 750 were not getting any money back.

“That’s why we set aside, through a special initiative, this sum of money, so it doesn’t become a burden to the National Insurance Scheme because it’s funded fully by the Central Government,”
he said, adding: “They (NIS) would start implementing this almost immediately.”

This one-off payment would aid 25,000 persons, he explained.

Further, Dr. Jagdeo said: “… And then I want to also say to people, because many of them believe the NIS is government, the government is a contributor to the NIS, but not private contributors. The funds are not government funds.”

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

NIS will begin processing payments, starting today, 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 while making the announcement.

President Ali pointed out that the People’s Progressive Party/Civic (PPP/C) government is committed to improving the lives of Guyanese citizens, particularly seniors, noting that 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 added during the announcement, which was broadcasted live on his official Facebook page.