President Announces One-Off Payments for Persons with Less Than Required NIS Contributions

Introduction to the Initiative

GEORGETOWN, Guyana, CMC—President Irfaan Ali on Thursday announced that more than GY$10 billion (One Guyana dollar = US$0.004 cents) would be paid to persons who did not make the maximum number of National Insurance Scheme (NIS) contributions to be eligible for social security pensions.

He said the payout would be based on NIS’s database. Still, if others believe they are eligible, they can submit their documents during outreaches beginning Friday.

Eligibility and Outreach

He announced the presence of several senior citizens and said the payout would be a “one-off.” Ali also encouraged eligible persons to contact the NIS or visit outreaches that the Finance Ministry would hold in collaboration with the NIS.

“They will commence meeting with those pensioners and have this initiative implemented for other pensioners who have not yet submitted their documents within this category. I urge you to do so at the various NIS offices and the outreaches that the Ministry of Finance and NIS will be doing jointly,” he said.

Impact of the Initiative

The president said this measure will put over $10 billion of additional disposable income in the hands of over 25,000 senior citizens. He said NIS already has a database of pensioners in various categories.

Ali added that as of Friday, the NIS would be using that database to begin “the payout of this initiative.”

Conclusion

The announcement of one-off payments for persons with less than required NIS contributions is a significant step towards supporting senior citizens in Guyana. The initiative aims to provide financial assistance to those who may not have met the maximum number of NIS contributions, and it is expected to benefit over 25,000 senior citizens.