Aiming to strengthen the welfare and mobility of the elderly, Minister of Finance Dr Ashni Singh announced on Monday evening an increase in Old Age Pension (OAP) from $41,000 to $46,000. This, he said, is catered for in the 2026 budget, effective from January 1, 2026.
The increase will benefit roughly 95,000 pensioners and provide an estimated $5.7 billion in additional disposable income, bringing total annual OAP payments to more than $52 billion this year.
In addition, Minister Singh said the government will introduce an annual transportation support grant of $20,000 for every OAP pensioner, adding about $1.9 billion in support. Combined, the revised pension and the new transport grant will result in annual transfers exceeding $54 billion to approximately 95,000 elderly beneficiaries.
Dr Singh said this increased welfare package is intended to improve living standards for senior citizens by strengthening their purchasing power.