Pensioners to get $500 increase – Budget 2018

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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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