The coalition Government has committed to increasing the old age pension by $500 moving it up 2.5% from $19,000 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.
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.
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