{"id":220430,"date":"2024-12-31T09:07:43","date_gmt":"2024-12-31T13:07:43","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=220430"},"modified":"2024-12-31T09:08:46","modified_gmt":"2024-12-31T13:08:46","slug":"pension-age-and-contribution-rates-set-to-increase-from-january-1-2025-in-antigua-and-barbuda","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/pension-age-and-contribution-rates-set-to-increase-from-january-1-2025-in-antigua-and-barbuda\/","title":{"rendered":"Social Security Pension Age and Contribution Rates Set to Increase from January 1, 2025 in Antigua and Barbuda"},"content":{"rendered":"
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Pension Age and Contribution Rates Set to Increase in Antigua and Barbuda-CLICK HERE TO JOIN OUR WHAT\u2019S APP GROUP<\/em><\/strong><\/a><\/h3>\n\n\n\n

The Antigua and Barbuda Social Security Board (ABSSB) has announced key changes to pension age and contribution rates, set to take effect from January 1, 2025. <\/p>

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These adjustments aim to ensure the sustainability of the social security system in the years ahead.<\/p>\n\n\n\n

In a media release, the ABSSB confirmed that the pension age will be raised to 65 years. <\/p>

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This change aligns with the Statutory Instrument 2016 No. 61, governing Social Security (Benefits) (Age and Grants) (Amendment) Regulations.<\/p>

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Additionally, contribution rates will increase by 0.5%, with public sector rates reaching 15% and private sector rates rising to 16%. Self-employed individuals will continue to contribute at the unchanged rate of 10%. <\/p>\n\n\n\n

The updated rates follow the Statutory Instrument 2016 No. 60, related to Social Security (Collections of Contributions) (Amendment) Regulations.<\/p>

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The contribution breakdown for employees and employers in the public and private sectors is as follows:<\/p>\n\n\n\n