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  • 1 year ago
Finance Minister Vishnu Dhanpaul says if re-elected into government, the PNM may increase the senior citizens pension grant.

However, he says, this depends on the country’s fiscal position.

He was responding to questions from our reporter Cindy Raghubar-Teekersingh at the opening of a new San Fernando NIB Office, along Lady Hailes Avenue.

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00:00There will be no adjustments or no interference, I should say, like for instance the senior citizen grant.
00:07There will be absolutely no interference with the senior citizen grant.
00:11The only thing will be any significant upward adjustment.
00:15Finance Minister Vishnu Danpol is reaffirming his party's election promise to leave senior citizens' pensions the way it is,
00:24but suggested that an increase is being discussed.
00:27Are you hinting at an upward adjustment?
00:30Upward adjustment.
00:31Are you hinting at that on the card?
00:32Very much so.
00:33Once the fiscal allows, we will adjust upwards, depending on the type of fiscal space that we have.
00:41He says, however, the current means test system in place to determine who benefits from the grant remains in place.
00:49You can't expect that everyone to 65, someone with another form of income, to get the grant.
00:56Not everyone to turn 65 can get the, well, let's call it a senior citizen pension.
01:01Not everyone to turn 65 could get that.
01:04Obviously, it has to be mean tested.
01:06But you don't want millionaires getting a senior citizen grant.
01:09He was speaking to reporters following the opening of a new NIB San Fernando office,
01:16which has moved from Harris Promenade to Lady Hales Avenue.
01:20Minister Dan Paul, during his address on Wednesday, said withdrawals from the NIB totaled $1.9 billion in fiscal 2024,
01:30which represented a 30% increase from the previous year, a demand which he says challenges portfolio growth and a need for careful investment strategies.
01:42The government remains fully committed to strengthening the national insurance system.
01:47As Minister of Finance, I wish to reaffirm that the sustainability of this fund is one of our top priorities.
01:55Through ongoing actuarial reviews and policy reforms, we are working to secure the fund for the next 50 years and beyond.
02:04We asked how exactly they plan to do this.
02:07You see, in the next budget, I'll outline all the plans of the government to take that beyond the 50 years.
02:17Cindy Raguba, Tika Singh, TV6 News.