President Dr. Irfaan Ali on Thursday announced the one-off payments that some senior citizens will receive as part of an earlier commitment to support those who do not meet the minimum requirement for the NIS pension.
At least $10 billion will be spent to help those senior citizens, the President said in a live address.
Pensioners with 500 to 549 NIS contributions will be given a one-off payment of $260,000; for those with 550 to 599 contributions, $390,000; for those with 600 to 699 contributions, $520,000; and for those with 700 to 749, $650,000.
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Dr. Ali said this transfer is for those persons who attained the age of 60 on or before December 31, 2024, and have not met the minimum requirement of 750 contributions to receive a pension from the National Insurance Scheme (NIS).
“This measure will see a total of over $10 billion being placed into the hands of over 25,000 of our senior citizens,” the President said.
He added that the payout could begin as soon as Friday since the NIS has a database with many persons’ information. Those senior citizens who have not yet submitted the relevant information to benefit from the payment are asked to engage workers at the nearest NIS office.
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