Posts Tagged ‘elderly and most vulnerable’

Budget 2012: Income tax threshold, old age pension increased; Opposition unimpressed

Budget 2012: Income tax threshold, old age pension increased; Opposition unimpressed

Demerara Waves – March 30, 2012

Increases in the income tax threshold, old age pension and public assistance were not enough to impress the opposition when finance minister Dr. Ashni Singh presented the GUY$192.8B 2012 National Budget on Friday.

The minister concluded his almost three-hour presentation to the National Assembly with the relief measures.

“Public assistance is currently paid at a monthly rate of $5,500 to approximately 9,000 beneficiaries, Budget 2012 provides for public assistance to be paid with effect from 1st May, 2012 at a rate of $5,900, a seven percent increase,” Dr. Singh announced to cries of “shame shame” from the opposition.

Turning to old age pension the minister revealed that the monthly amount would be increased from $7,500 per month to $8,100 per month and will also take effect from May 1.

According to the minister, the increases in the public assistance and pension would place a further GUY$350M in disposable income in the hands of the elderly and most vulnerable.         [more]