Old age pension increases to $33,000

– public assistance is now $16,000

The Government of Guyana announced Monday that the old age pension has been increased from $28,000 to $33,000 effective January 1, 2023.

The increase will benefit more than 73,000 senior citizens nationwide placing some $4.4 billion in disposable income in the pockets of Guyanese 65 years and older.  

Senior Finance Minister, Dr Ashni Singh announced during his presentation of the 2023 budget in the National Assembly.

This is not the first time that the old age pension has increased under the PPP/C Government, which assumed office in August 2020.  As old age pension was previously increased from $20,500 to $25,000 monthly in August 2021.

It was later increased in 2022 from $25,000 to $28,000 placing $2.3 billion of disposable income in the hands of the elderly.

In addition to these increases, in 2021, a one-off grant of $25,000 was paid to pensioners, providing them with an additional $1.6 billion. The government also distributed an additional $28,000 one-off cash grant to pensioners in 2022.

Further, in 2020, the government also introduced a water subsidy benefitting 28,450 pensions.

Additionally, the finance minister noted that “Our senior citizens continue to benefit from the government’s improved care services.”

To this end in 2022, 6,300 elderly persons benefitted from home-based care in Regions Two, Three, Five, Six, and Nine. Also, some 590 persons were trained in elderly care in 2022 and another 750 will be targeted in 2023.

Meanwhile, public assistance has increased from $14,000 monthly to $16,000 and will benefit over 29,000 vulnerable persons, placing an additional $700 million of disposable income into the hands of these individuals.