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National Insurance Scheme pension to increase in Guyana

Beneficiaries of the old age and invalidity pensions in Guyana will see their benefits increase to GYD$35,000 or US$168.

An aerial view of Georgetown, the capital of Guyana.

According to the National Insurance Scheme (NIS), which disburses the aid, the increased benefit took effect January 1, 2020 and moves from GY$32,100 to GY$35,000 per month. Despite being implemented at the start of the month, the benefits will be made available on February 1.

Additionally, the minimum rate for Survivors’ Pension was increased from $16,050 to $17,500 per month while the monthly insurable earning ceiling has been raised from $256,800 to $280,000, while the figures for the weekly insurable earning ceiling moved from $59,262 per week to $64,615.

“We do have the banking system and we call it lodgement, where persons will submit their bank accounts numbers so that we can put the monies into their bank account.”

– National Insurance Scheme public relations officer, Diane Lewis-Baxter

Public Relations Officer for the NIS, Diane Lewis-Baxter, said “The pension took effect from the first of January 2020 and is for those persons who receive $32,100, so those are the minimum pensioners and it will be paid in February. We do have the banking system and we call it lodgement, where persons will submit their bank accounts numbers so that we can put the monies into their bank account. Apart from that, we have offices in every administrative region and persons can visit these offices if they do not have their bank account.”

In an interview with the Department of Public Information, Lewis-Baxter said measures are in place to ensure that all pensioners receive their benefits.

She added that the statutory date for pensions to be submitted to the bank is the 22nd of every month, adding that pensioners should ensure they submit their life certificates on time and that should employers download a new copy of the electronic schedule which has the updated insurable earnings and ceilings.