BREAKING: $10 billion injection for NIS to help pensioners

The government has earmarked $10 billion for the National Insurance Scheme (NIS) as part of plans to support Guyana’s elderly, particularly those who have not made enough contributions to the pension scheme.

President Dr. Irfaan Ali said on Thursday during a special address to the Parliament. Dr. Ali said the exact details of this allocation will be unveiled in the 2025 National Budget.

He, however, noted that this intervention is meant to help support pensioners and Guyana’s elderly.

“Contributors who did not meet the requirement to benefit from the injection of cash that will support a better quality of living for them and to allow the opportunity of benefitting from the contributions,” President Ali said.

In Guyana, the old-age benefit is payable to Insured Persons who have attained the age of 60 years. To qualify for this, the NIS-insured person must have paid not less than one hundred and fifty (150) Contributions; paid or been credited with, or paid and been credited with not less than 750 Contributions.