Social Security Contributions and pensionable age Increase from tomorrow

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FOR IMMEDIATE RELEASE

Contribution and Pensionable Age Increase

Friday 30th December 2022 -To ensure that the Antigua & Barbuda Social Security Board (ABSSB) continues to honour its financial commitment to all beneficiaries and enhance Contributors’ Funds, the ABSSB is reminding the public of the following Statutory Instruments that will take effect January 1st, 2023.

The Social Security (Collections of Contributions) (Amendment) (Regulations)
Statutory Instrument No. 60 of 2016, the contribution rates will increase by ½%.
The contribution rates for 2023 will therefore be 14% for the public sector; and 15% for the private sector, while Self-Employed rate remains at 10%.

The following shows the breakdown of contribution rates:

PUBLIC SECTOR:
EMPLOYEE – 5½ %
EMPLOYER – 8½ %
PRIVATE SECTOR:
EMPLOYEE – 6½ %
EMPLOYER – 8½ %

In addition, the pensionable age will increase to 64 years in accordance with Social Security (Benefits) (Age Pensions and Grants) (Amendment) Regulations Statutory Instrument No.61 of 2016.

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3 COMMENTS

  1. Why is the ALBP Administration so cruel to us? You can’t increase the minimum wage after so long nor ensure the wages for persons working in the public and private sector gets an increase but quick to tax the hell out of us not considering the cost of goods and services has gone sky high also. So the same pay more taxes?

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