Government has made good on its promise under the domestic debt restructuring programme and pensioners 60 years and over will begin receiving a cash payment of up to BDS$20,000 by Monday, November 19.
This disclosure has come from Minister in the Ministry of Finance, Ryan Straughn, who said Government had amended the repayment terms for those individuals 60 years and above in receipt of pension benefits as of September 1, 2018.
Straughn explained that the new terms for pensioners would bring relief and would be a cash payment of up to BDS$20,000, and a cash payment of up to BDS$30,000 would be made in March 2019.
“For example, a pensioner with holdings of BDS$19,531 would receive that same amount in cash this month. A pensioner with holdings of BDS$39,531 would receive BDS$20,000 in cash this month and BDS $19,531 in March 2019.
“A pensioner with holdings of BDS $69,531 would receive BDS$20,000 in cash in November 2018; BDS$30,000 in March 2019 and the remaining BDS$19,531 in 42 equal payments from April 30, 2019,” he pointed out.
Straughn noted that persons with BDS$251,000 or over would receive a similar $20,000 payment this month and up to BDS$30,000 in March 2019.
“The next BDS$200,000 will be converted into a bond which will deliver 42 equal monthly payments of the principal, beginning April 30, 2019. Any remaining balance over $250,000, will be paid with interest over the remaining 11 years,” he explained.
The Minister said these new terms were designed to deliver relief to thousands of Barbadians who otherwise would have been left financially exposed.