AFC promises overhaul of social security system

The Alliance For Change (AFC) has unveiled an ambitious plan to overhaul Guyana’s social security framework, promising a system where “no worker is left behind”.

In a document outlining additional policy measures, the proposal centres on creating a sustainable, inclusive, and modern safety net that guarantees income security in retirement, expands insurance coverage, and protects vulnerable groups.

A key feature is the establishment of a New National Pension Fund (NNPF) for all workers, both public and private, with mandatory contributions of five per cent each from employees and employers.

The fund will feature portable accounts, safe investments, and state-matching contributions for low-income earners. It will be modelled after Singapore’s CPF and Chile’s Individual Account System, with disbursements starting at age 60 or earlier in special cases, the AFC noted.

The AFC also plans to reform and stabilise the National Insurance Scheme (NIS) within 36 months through a full audit, digital transformation, and integration with the NNPF.

A Universal Minimum Pension of G$100,000 per month for citizens aged 65 and older—adjusted annually for cost of living—will be introduced, alongside unemployment, maternity, paternity, health, and disability insurance.

The AFC said informal workers, including farmers, vendors, taxi operators, and domestic workers, will be included through mobile registration, digital contribution apps, and flexible payment plans. The phased rollout it said will begin with an NIS audit in the first 100 days, full NNPF launch within two years, and comprehensive coverage by Year Three.