To provide support for persons 60 years and older, the Government has budgeted $10 billion for the National Insurance Scheme (NIS).
This allocation will see support being offered to persons with 500 to 749 contributions.
Finance Minister, Dr Ashni Singh announced the allocation while presenting the 2025 National Budget.
According to Dr Singh, the functioning of the NIS is “paramount” in ensuring that those who rely on the agency, whether for medical insurance, old age or survivors benefits have their claims processed “swiftly and efficiently”.
“Mr. Speaker, since its inception, the NIS has been Guyana’s foremost national institution in providing social security benefits for some of our most vulnerable.
“In order to provide support for a better quality of living for a number of persons who have attained the age of 60 and have not met the 750 minimum contributions and are not entitled to receive old age pensions,” Dr Singh said.
