October 24, 2024
The National Insurance Scheme (NIS) will soon provide a one-off lump-sum payment to individuals who did not meet the minimum requirement of 750 contributions to qualify for a pension.
This announcement was made by PPP General Secretary and Vice President Dr. Bharrat Jagdeo during a press conference earlier today.
Dr. Jagdeo confirmed that systems are being developed to ensure the process is conducted fairly and transparently.
This initiative follows President Dr. Irfaan Ali’s declaration that $10 billion would be injected into the NIS to address challenges faced by individuals struggling to access their benefits.
In addition, Dr. Jagdeo revealed that the government plans to allocate further funds to help the NIS manage its deficit.
As part of the government’s efforts to fulfill its manifesto promises, the old-age pension has steadily increased over recent years.
The minimum pension is set to rise to $41,000 in 2025.
The government remains committed to enhancing social security for all citizens, ensuring broader support for those ineligible for standard pensions.
By Josiah Williams