59% increase in senior citizens opting for pension payment through the bank

There has been a 59% increase in the number of pensioners opting to have their old age pensions paid to them through the bank, according to findings from the Office of the Auditor General.

This was revealed in its 2023 report recently tabled in the National Assembly. “…comparison of the December 2022 and 2023 Electronic Distribution Listing revealed that 850 and 1,436 pensioners respectively were paid through the bank system, which indicated an increase of 586 or 59% bank paid pensioners for 2023,” the report stated.

“The December 2023 Electronic Distribution Listing also revealed that old age pension totalling $47.388M was paid to 1,436 pensioners through the banking system,” it added.

In 2021, the government made it possible for senior citizens to access their old age pension through the bank, making the process more efficient and stress-free for beneficiaries.

It was previously explained by the Ministry of Human Services and Social Security that the application process requires a form to be filled out with the pensioners’ name, identification card or passport number, home address and telephone contact, as well as their banking information; which includes the name of their bank where the account was opened, the name on the bank account, the bank account number, and the type of bank account (whether chequing or savings).

After signing the form, the applicant must return it to the staff of the probation and social services department within their region to be processed. The process will take approximately two weeks to be completed.

Additionally, the ministry has implemented a biannual payment plan for pensioners who are considered “shut-ins”, and those who live in remote areas.

The option of redeeming vouchers at MoneyGram/Surepay and BillExpress locations countrywide was also introduced for pensioners.

Last year, the ministry further enhanced its delivery of old age pensions by offering beneficiaries this service through Mobile Money Guyana (MMG). in June 2023, it was reported that some 1200 pensioners were already registered with MMG accounts.

Old Age Pension is available to every citizen after the age of 65. This is currently valued at $36,000 and will be increased to $41,000 next year.