Govt hands out GY$5 billion cost of living fund in bonuses

Last Updated on Thursday, 9 November 2023, 10:29 by Denis Chabrol

President Irfaan Ali on Thursday announced that the previously unused GY$5 billion cost-of-living fund that was set aside in the 2023 National Budget would be handed out as one-off bonuses to government workers, old age pensioners and disabled persons.

“This one of bonus payments will benefit almost 160,000 persons and increase their disposable income by over $4.1 billion,” he said.

Public servants, teachers, doctors, members of the Discipline Services, and staff of semi-autonomous agencies and public enterprises such as the Guyana Sugar Corporation (GUYSUCO), Guyana Power and Light and the National Insurance Scheme (NIS) are among the beneficiaries, he said in an announcement on his Facebook Page.

The payout to those workers will total GY$1.7 billion.

Dr Ali said 72,000 old age pensioners will each receive GY$25,000 totalling GY$1.8 billion in December, 2023. Also listed to take up GY$35,000 each are 19,000 differently-abled persons or persons living with disability on the public assistance register. The total payout to this category will be GY$660 million, he said.

Meanwhile, President Ali said government would also allocate $850 million for the purchase of fertiliser for distribution to 5,l000 farmers who cultivate 287,000 acres. “This will ensure increased food production and containment of costs. Furthermore, on a community infrastructure improvement project the CIP programme community enhancement workers monthly earnings will increased to GY$40,000 retroactive to January 2023 to the benefit of over 2,000 workers, placing an additional $130 million in disposable income in the hands of these workers annually.

In addition to the GY$5 billion cost of living fund, he indicated that government has added another GY$2 billion, aimed at increasing disposable income and “the working conditions of our employees in the public sector support to the vulnerable segment of our population and assistance to our farmers.”

He said he would “very shortly” be making an announcement on the across-the-board salary increase for public servants, teachers and members of the Disciplined Services.