{"id":218122,"date":"2024-12-06T01:32:00","date_gmt":"2024-12-06T05:32:00","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=218122"},"modified":"2024-12-05T18:33:21","modified_gmt":"2024-12-05T22:33:21","slug":"antigua-and-barbuda-increases-social-security-pensions-amid-economic-resurgence","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-and-barbuda-increases-social-security-pensions-amid-economic-resurgence\/","title":{"rendered":"Antigua and Barbuda Increases Social Security Pensions Amid Economic Resurgence"},"content":{"rendered":"
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The government of Antigua and Barbuda has announced a significant increase in Social Security pensions, marking a milestone in its commitment to improving the quality of life for its citizens. During the 2025 Budget Statement, Prime Minister Gaston Browne confirmed that the Social Security minimum pension will be raised from $350 to $500 in the coming year, while the government\u2019s minimum pension remains at $1,000 monthly.<\/p>

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The decision to increase pensions comes as the nation experiences robust economic growth and improved fiscal health. \u201cThis follows on the heels of the increase in the government\u2019s minimum pension to $1,000 monthly,\u201d Browne remarked, emphasizing the administration\u2019s dedication to supporting retirees. He further noted, \u201cThis increase underscores our government’s commitment to improving the quality of life for all pensioners.\u201d<\/p>\n\n\n\n

The announcement is supported by strong financial performance from the Antigua Barbuda Social Security Board. Data for the first half of 2024 showed that Social Security collections exceeded benefit expenses by $22 million. Browne highlighted the positive outlook for the institution, projecting inflows of $227 million for 2024, up from $214 million in 2023. These figures reflect the dynamism of the nation\u2019s job market, with increased employment contributing to higher contributions to Social Security.<\/p>

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Employment growth has been a key factor in strengthening the Social Security system. The total number of active jobs rose from 47,996 in 2023 to 49,915 in 2024, with workers earning a combined $1.8 billion. The Prime Minister credited this to the robust post-pandemic recovery, which has created 2,000 additional jobs in a single year. He expressed optimism for the future, stating, \u201cWe anticipate a further 2,000 jobs will be created in 2025, due to the strong demand for tourism and the construction of several luxury properties.\u201d<\/p>

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The Social Security increase is part of a broader strategy to enhance social welfare and economic stability. Browne also revealed plans to invest Social Security surplus cash into a new hotel project at the Jolly Beach Hotel site. This investment is expected to generate additional revenue for the institution while creating employment opportunities. \u201cOur intervention demonstrates not only our commitment to pensioners but also our ability to think creatively about the future sustainability of our social support systems,\u201d he said.<\/p>\n\n\n\n

Pension increases are not the only social measures highlighted in the Budget. The government has implemented a range of initiatives aimed at reducing poverty and vulnerability among the population. The Senior Citizens\u2019 Utilities Subsidy Programme assisted over 7,200 pensioners in 2024, while the People\u2019s Benefit Programme provided financial aid to nearly 2,000 individuals with disabilities and other vulnerable groups. The government also allocated $17.2 million for food vouchers under the Government Assistance Programme as of September 2024.<\/p>

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Prime Minister Browne took the opportunity to address critics who claim the government has done little to alleviate the cost of living. He stated, \u201cLet us be clear\u2014those who glibly state that the cost-of-living is high, and the Government is doing nothing about it, are either ignorant of the facts or are being deliberately and deceptively malicious.\u201d He pointed to subsidies on fuel, cooking gas, and food as examples of how the government has acted to ease the burden on households.<\/p>\n\n\n\n

The pension increase is expected to have a ripple effect across the economy, providing retirees with greater purchasing power and financial security. It also reinforces the government\u2019s commitment to fostering a resilient and inclusive society. Browne concluded by reaffirming his administration\u2019s dedication to supporting all citizens, particularly the most vulnerable. \u201cEvery citizen of Antigua and Barbuda has access to opportunities that improve their quality of life and empower them to contribute to our nation’s prosperity,\u201d he said.<\/p>

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The government of Antigua and Barbuda has announced a significant increase in Social Security pensions, marking a milestone in its commitment to improving the quality of life for its citizens. 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