President Irfaan Ali has announced a one-off payment into the National Insurance Scheme to help pensioners facing hardships and to assist those who have not met the required number of contributions for benefits.

The $10 Billion injection will be distributed to pensioners who have more than 50 contributions but have not reached the 750 contributions required to receive their NIS pension payments.

In a live address this morning, the President said following a series of outreaches across the country, pensioners raised concerns about not being able to get an NIS pension because they fell short of the contributions required. Many of them, he said, were facing hardships.

“As a result, the sum of $10B was provided to finance a one-off transfer for those persons who have at lease 5oo contributions but less than 750 contributions required to receive the NIS pension. Accordingly, it is now my pleasure to announce that my government will be making this $10B transfer to the NIS to facilitate this one-off payment to persons who have attain the age of 60 on or before the 31st of December 2024,” the President said flanked by a group of pensioners and staff of the NIS.

According to the President, persons with 500 to 549 contributions will receive a one-off payment of $260,000, while persons with 550 to 599 NIS contributions will receive a one-off payment of $390,000.

Further, persons with 600- 699 contributions will receive a one-off payment of $520,000 and persons with 700-749 contributions will receive a payout of $650,000.

“This measure, will see a total of $10B of additional disposable income being placed in in the hands over 25,000 of our senior citizens. The NIS would have already had a database of pensioners within the various categories, so beginning on Friday using this database, they will commence the payment of this initiative,” the President noted.

The President urged pensioners who fall within the categories but have not submitted their application to do so as soon as possible.

He said his Government is fully committed  to ensuring that the senior citizens of Guyana can retire with dignity and with the respect that they deserve.

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