Dependants’ Pension Fund commended for outstanding performance

…as institution celebrates 100th anniversaryAs the Dependants’ Pension Fund (DPF) celebrates 100 years in existence, its Board of Directors and staff were commended for their dedication over the years.
During the anniversary and cocktail dinner Saturday evening, at the Georgetown Club, Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh stated that very few institutions have survived for 100 years.
“We must recognise and pay tribute to the architects of this institution. Those who would have conceived it…I can scarcely think of comparable examples of institutions that were established 100 years ago and survived and continued to serve and discharge their functions 100 years later,” Dr Singh is quoted as saying in a Department of Public Information (DPI) report.

Since the establishment of the DPF, the world has advanced significantly, Minister Singh noted, making it imperative to look at the path forward.
The environment in which the DPF operates has changed as well, altering some of the services it offers.
According to DPI, Singh pointed out that the DPF can adapt, position, and re-invent itself to best respond to the present context in which it functions. These are related to alternate sources of pension and social security.
“But in the current landscape, how do we adapt to the current landscape given the reality that the DPF is almost competing with other institutions that are able to do this more efficiently…?This is to consider what changes are needed particularly in relation to this line of business but even more broadly.”
Since its establishment in 1923, DPF has helped public employees in Guyana and currently pays pensions to over 2700 people.
Dr Singh stated that there are over 27,000 contributors and participants in the scheme.
In addition, monthly pension payments of about $7.2 million are made. The fund’s primary goal is to offer monthly pension payments to widowers, widows, and children of public servants who have contributed to the fund.