The Ministry of Finance said Wednesday the payout, which began on March 10, has been made to EFPA owners with contracts valued at $75,000 or less. About 350 people are getting paid daily the ministry told local media.
The ministry said the money paid so far represents payments to 1,053 eligible people, with the majority of them asking for the money to be deposited into their bank accounts.
There are about 10,000 CLICO policyholders who hold investments of $75,000 each or less. That the ceiling that the government announced in the budget last September.
Persons who have investments exceeding that amount would get the $75,000 with a promissory note for the rest in equal payments over a 20-year period with no interest. However Prime Minister Kamla Persad-Bissesssar has promised to reduce that time if economic circumstances allow it.
The ministry of finance has asked everyone with investments to submit application forms for their money before the September 30 deadline.
The distribution is being done in alphabetical order. People with surnames K-L will be processed from March 28.
If you need further information about the payout process please call: 671-7224 or 674-7876 or visit the following websites - www.finance.gov.tt or www.clico.com.
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