Household cash grant, NIS money, increased salaries, parental tax relief

Last Updated on Thursday, 10 October 2024, 20:58 by Writer

President Irfaan Ali on Thursday announced an almost US$50 million (GY$10 billion) cash-injection into the National Insurance Scheme (NIS) so that contributors who have not met the required number of contributions could still receive payments.

Addressing a National Assembly sitting for several hours, Dr Ali also announced a one-off US$960 cash grant (GY$200,000) to each household, totalling US$290 million.

The opposition A Partnership for National Unity+Alliance For Change, which boycotted Thursday’s parliamentary sitting and protested against alleged corruption by the Ali administration, had called for a cost-of-living cash grant of US$1,436 (GY$300,000).

The President said that by the end of 2025, no public sector worker will earn less US$480 (GY$100,000) per month, and there would also be a US$50 per child income tax allowance to one of the parents.

Also announced was a “universal healthcare voucher” of US$47.87 (GY$10,000) from 2025 that would allow for the testing for and the prevention of the onset of main non-communicable diseases.

Dr Ali also said free university tuition would begin in January 2025 and the cost of electricity would be reduced by 50 percent before the end of 2025 and so put almost US$240 million back into the pockets of Guyanese. He said 11,000 current students and new entrants would benefit from the reintroduction of free education at the University of Guyana.