–With a 10 billion dollar injection, Dr. Jagdeo says

PEOPLE who do not meet the National Insurance Scheme (NIS) contribution requirement to receive a pension will soon benefit from a lump sum payment as part of a cash injection into the system.

This was followed by President Dr. Speaking about Irfaan Ali’s recent announcement of a $10 billion injection for NIS, People’s Progressive Party (PPP) General Secretary Dr. That’s according to Bharrat Jagdeo.

Dr. This $10 billion is reserved for people who have been contributing to NIS for many years but have not paid the 750 contributions required to qualify for NIS retirement, Jagdeo said at a press conference on Thursday.

“Some of these people didn’t need to be blamed because often their employers never deducted or deducted and didn’t forward their deductions to the NIS on their behalf and they didn’t realize it until they retired and then they tried to collect their pension and they were told it wasn’t your contributions,” he said.

In this context, he said there are tens of thousands of Guyanese who have made these contributions in the past and have not received even a single benefit from the NIS.

He therefore explained: “So $10 billion will go to these people through lump sum payments. Since they are not eligible for a pension, they will each receive a lump sum payment, so we hope that this money will compensate for their contributions to the country and the NIS over many years.”
While stating that it is a sad situation that leaves many people at a disadvantage, he stated that they are now working on a model on how this process can be carried out fairly across the country.

After this is completed and simulations of different scenarios are made, it will be announced that the process will begin and lump sum payments will be made to these people.

Meanwhile, the secretary-general said that apart from this, the government plans to make a big cash injection into the NIS because the program is providing more benefits than the contributions it has received in years.

He stated that this puts the Fund at risk and therefore the injection will ensure that future generations can receive their pensions and prevent the NIS from going bankrupt.

Dr. “Therefore, the government has also committed to fill the gap in NIS for retirees who will continue to receive pensions in the coming years,” Jagdeo said.

Earlier this month, President Dr. Irfaan Ali, in his special speech to the National Assembly, announced that the government has allocated approximately $10 billion for the NIS as part of measures to assist the elderly in Guyana, especially those who are under-contributing. to the scheme.