Georgetown : Over 50,000 pensioners will benefit from an Old Age Pension increase that will take their amount to $18,200, as against the $17,000 they are receiving. This was announced by Minister of Finance, Winston Jordan during his presentation of the 2016 National Budget.
In the short space of eight months, the Coalition Government has been able to increase old age pension by 38.7 percent, the largest increase in recent memory, and a testimony of Government’s commitment to govern in the interest of all Guyanese.
According to Minister Jordan, this increase will be extended to ex-employees of Guyana Telecommunications Corporation. These pensioners have waged a prolonged struggle to get their correct pension, but were denied by the PPP/C regime. The increases will be effective from April 1, 2016.
All Guyanese citizens 65 years and older will no longer be required to pay for a driver's licence, and will be exempt from paying travel tax when travelling overseas on a Guyanese passport. However, they will still be required to pay the Airport Security Tax.
Minister Jordan noted that these measures will seek to address the plight of former public servants and parliamentarians, whose current pensions neither reflect the years of service given nor the positions from which they retired. This is because their pensions have been substantially eroded due to the depreciation of the Guyana dollar and inflation over the years.
Additionally, public assistance will increase from $6,500 to $7,300. Over 9,600 persons will benefit from an almost 24 percent increase since this Coalition Government took office.
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