Budget 2022: $28,000 for old age pension, $14,000 for public assistance

Some $2.3 billion has been allocated to increase old age pension from $25,000 to $28,000 monthly, which will see 65,000 senior citizens benefitting nationwide.

Senior Minister in the Office of the President with responsibility for finance, Dr. Ashni Singh, M.P, made the announcement Wednesday, during the presentation of Budget 2022 in the National Assembly under the theme “Steadfast Against All Challenges, Resolute in Building One Guyana”.

“We remain committed to ensuring that those who have served our country over the years and are now advanced in their years, are able to enjoy a dignified existence.”

Government had earmarked some $2.6 billion in August 2021, to increase old age pension from $20,500 to $25,000 monthly.

In addition to the increase for the seniors, the administration subsidised water and electricity, removed value-added taxes on essential food items and basic services.

“Senior citizens across our country will benefit from major improvements in the health care and related infrastructure; improved transport networks and expanded food security programmes across the country.

Together, these will result in safer mobility for our senior citizens and improved access to and affordability of food supplies. These will redound to improved management of chronic diseases such as hypertension and diabetes which continue to be priorities,” the minister added.

Additionally, $432 million was set aside to provide relief to vulnerable persons.

“Our government’s public assistance programme provides important income support to those in the most distressed of circumstances,” Dr. Singh said.  

This will see over 18,000 public assistance recipients benefitting.