Finance Minister Dr Ashni Singh this evening announced an increase of $33,000 monthly for pensioners during his Budget 2023 presentation.
He noted this will place an additional $4.4 billion of disposable income in the hands of over 73,000 old-age pensioners.
“[Pensioners will now receive an additional $60,000 per annum… With this latest increase, the total OAP (old-age pension) bill now amounts to $28.9 billion,” Dr Singh explained.
This year’s budget is themed, “Improving lives today, building prosperity for tomorrow.”
In 2021, all old-age pensioners were given $25,000 on a monthly and in 2022 that sum was increased to $28,000.
Meanwhile, it was also announced that public assistance has been raised to $16,000 monthly – an increase from last year’s $14,000.
“[This is] an over 75 per cent increase since the PPP/C Government resumed office – to the benefit over 29,000 persons. This will provide over $700 million in additional disposable income to these individuals,” the Finance Minister noted.