One-off payments to persons short on NIS contributions

Last Updated on Thursday, 10 April 2025, 22:11 by Writer

President Irfaan Ali announced on Thursday that more than GY$10 billion would be paid out to persons who did not make the maximum number of National Insurance Scheme (NIS) contributions for them to be eligible for social security pensions.

He said the payout would be done in keeping with the NIS database but if there are other persons who believe they are eligible, they can submit their documents during outreaches that would begin on Friday.

Making the announcement in the presence of a number of senior citizens, he said the payout would be a “one-off”.

He encouraged eligible persons to contact the NIS or visit outreaches that would be held by the finance ministry in collaboration with NIS. “They will commence meeting out to those pensioners and have this initiative implemented other pensioners who have not yet submitted their documents within this category, I urge you to do so at the various NIS offices and the outreaches that the Ministry of Finance and NIS would be doing jointly,” he said.

This transfer by Government to NIS will facilitate the following one-off payments to persons who have attained the age of 60 on or before 31 December 2024 and have not met the minimum requirement of 750 contributions to receive a pension from NIS:

• 500 to 549 NIS Contributions One-Off Payment of $260,000
• 550 to 599 NIS Contributions One-Off Payment of $390,000
• 600 to 699 NIS Contributions One-Off Payment of $520,000
• 700 to 749 NIS Contributions One-Off Payment of $650,000

“This measure will see a total of over $10 billion of additional disposable income being placed in the hands of over 25,000 of our senior citizens,” the President said.

He said NIS already has a database of pensioners within the various categories.

He said from this Friday, NIS would be using that database to begin “the payout of this initiative.”.