OAP to increase from $36,000 to $41,000, benefitting over 76,000 pensioners
Since taking office in 2020, the People’s Progressive Party Civic (PPP/C) administration’s has doubled the Old Age Pension (OAP).
This was the position of Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh, as he announced that pensioners are set to receive $41,000 this year.
The Senior Finance Minister reminded the National Assembly on Friday that the APNU+AFC Coalition in 2015 campaign to double OAP immediately upon assuming office.
“If the APNU/AFC had kept their word, that would have resulted in OAP doubling from $13,125 in 2014 to $26,250 in 2015. Instead, OAP merely increased to $17,000 in 2015. Further, even after five years in office, the APNU/AFC government denied pensioners what was promised to them and by the end of their term in office in 2020, OAP stood at $20,500,” Dr. Singh posited.
He noted that the PPP/C government kept its promise and will increase OAP from $36,000 to $41,000 per month, in line with the government’s manifesto promise.
“This represents a doubling of OAP since resuming office in 2020,” Dr. Singh posited, highlighting that it will benefit over 76,000 pensioners, placing an additional $4.5 billion of disposable income in their hands.
“As a result, the total pension payout in 2025 will amount to over $37 billion,” Dr. Singh concluded.
