{"id":247524,"date":"2025-08-24T20:52:34","date_gmt":"2025-08-25T00:52:34","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=247524"},"modified":"2025-08-24T20:52:35","modified_gmt":"2025-08-25T00:52:35","slug":"no-cash-is-being-taken-out-of-social-security-pm-assures","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/no-cash-is-being-taken-out-of-social-security-pm-assures\/","title":{"rendered":"No cash is being taken out of Social Security, PM assures"},"content":{"rendered":"
\"\"<\/a><\/div>
\"\"<\/a><\/div>\n
\n\n\n\n

PM Browne Defends Social Security Plan, Rejects $75m \u2018Withdrawal\u2019 Claim<\/strong><\/p>

\"\"<\/a><\/div>\n\n\n\n

Prime Minister Gaston Browne has mounted a strong defence of his government\u2019s handling of Antigua and Barbuda\u2019s Social Security Scheme<\/strong>, rejecting opposition claims that $75 million is being siphoned from pensioners\u2019 funds<\/strong>.<\/p>\n\n\n\n

Speaking on Pointe FM, Browne insisted there had been no cash withdrawal<\/strong> from the scheme, describing such allegations as \u201cmisinformation\u201d spread by the opposition United Progressive Party (UPP).<\/p>

\"\"<\/a><\/div>
\"\"<\/a><\/div>\n\n\n\n
\n

\u201cNo cash is being taken out of Social Security. Jolly Beach will serve as collateral and as an income-generating investment,\u201d he said.<\/p>\n\n\n\n

<\/h3>\n<\/blockquote>\n\n\n\n

The Prime Minister explained that the government is transferring the Jolly Beach Resort to Social Security, where it will act as both collateral and a revenue-generating asset<\/strong>. Lots at the site are expected to generate hundreds of millions of dollars through real estate sales tied to the Citizenship by Investment Programme (CIP)<\/strong>.<\/p>

\"\"<\/a><\/div>\n\n\n\n

Browne projected that the redeveloped Jolly Beach property could deliver around $40 million annually<\/strong> in revenue \u2014 compared with less than $4 million a year that Social Security currently earns by keeping funds in low-interest deposits.<\/p>\n\n\n\n

To reassure contributors and pensioners, Browne said the government would provide a formal written guarantee<\/strong> that if the investment were ever to fail, the Treasury would cover any losses<\/strong>.<\/p>

\"\"<\/a><\/div>\n\n\n\n
\n