No taxes attached to payment of pension through banking system – Ministry of Human Services

Apr 15, 2021 News

Kaieteur News – Alluding to the list of services implemented to fast-track the payment of old age pension, the Ministry of Human Services and Social Security (MoHSSS) yesterday announced that there are no taxes applied to pension through the banking system.

Human Services Minister: Dr. Vindhya Persaud during a discourse with pensioners.

The clarification comes weeks after the Ministry announced that citizens can access their old age pension via the bank leading to questions being asked about the fees/taxes attached to using the bank system.
In a detailed release, the MoHSSS stressed that while there are no taxes for those using the banking system, pensioners utilising the system must deposit their life certificates at a Ministry location every quarter to continue receiving bank payments.
The Ministry noted that life certificates must be signed and stamped by either a Justice of the Peace, Notary Public, Commissioner of Oaths, Medical Practitioner, Head Teacher, Minister of Religion or a Manager of a Bank.
The introduction of the banking system will facilitate pensions being deposited into pensioners’ accounts within the first five days of each month.
With over 58,000 pensioners benefitting from the Old Age Pension Scheme managed by the MoHSSS, Subject Minister, Dr. Vindhya Persaud, reiterated her commitment to improving the quality of pension delivery and increasing the options for senior citizens to receive their pension.
Against this backdrop, the Ministry will be sensitising pensioners on the hassle-free options available to access their pension.
To kick-start the educational drive, the Ministry will be hosting a weekly LIVE Question and Answer (Q&A) session on the Ministry’s Facebook page every Thursday at 9:00am from April 22, 2021 to respond to all pension related concerns.
In addition, the Ministry’s personnel will be guests on a number of radio stations to discuss pension related matters, including the two newer options, which the Ministry has introduced this year to complement the post office system to allow ease of collecting pension.
In the meantime, pension vouchers may now be redeemed at any of the Western Union or MoneyGram locations in Regions Two, Three, Four, Five, Six, Seven and 10, in addition to the post offices countrywide.
Minister Persaud had noted, “Pension vouchers can be cashed at these locations throughout the month and not only during the first week of the month. They can avoid lines and crowds by using any of the new options as we work to improve pension delivery.”
The Ministry also provides the direct payment service to pensioners who live in remote communities. Pensioners in over 40 remote communities, notably in Regions One, Seven, Eight and Nine, are already benefiting from this service. To optimise this service in view of the logistics, these direct payments will be made every six months, according to the Ministry’s release.
The direct payment service option is also available to pensioners who qualify for the Ministry’s shut-in services. Persons who have serious mobility issues, visual impairment or are bedridden will be eligible to have their pension delivered directly to their homes. The Ministry has established a Register to facilitate this option, and once the information provided is verified, direct payment will commence.
To date, the Ministry has facilitated over 3,459 pensioners via the shut-in system throughout the 10 administrative regions.
To qualify for the pension bank deposits or shut-in delivery systems, pensioners must apply. ALL pension application approval processes will be done within a three-week time frame from time of submission of the application form, the Ministry has announced.
Meanwhile, in an effort to simplify and expedite the processes, the Ministry has dedicated special lines to facilitate all clarifications and queries. The numbers are as follows: Banking system: 227-0130, new applications/shut-ins and remote services: 227-4410 or 225-6565 ext. 2301, and reporting of elderly abuse: 914.