Pensioners get 2.6 percent increase-Budget 2018

DPI, Guyana, Monday, November 27, 2017

The Coalition government has committed to increasing the old age pension to $19,500, with effect from January 1, 2018.

The increase was announced by Minister of Finance, Winston Jordan, during the 2018 National Budget, on Monday.

This budgetary measure will automatically result in an almost 49 percent increase in the provision to support the elderly, in just two and a half years. When the Coalition Government took office in May 2015, the Old Age Pension was $13,125.

The increases are as follows:

Year Pension

 

From                   To

Percentage

Increase

2015

 

$13,125           $17,000 30 percent
2016

 

$17,000          $18,200 38.7 percent
2017

 

$18,200         $19,000 4.9 percent
2018

 

$19,000          $19.500 2.5 percent

In addition to the pension increase, under this administration, elderly have benefitted from government’s exemption from paying travel tax, when travelling overseas on a Guyanese passport. They are also exempted from paying for a driver’s licence and passport fees.

Similarly, effective January 1, 2018, Public Assistance will be increased to $8000, an approximately 36 percent in the two and half years.

 

By: Synieka Thorne

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