Increase In Social Security Contributions Now In Effect

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Mathias, General Manager of Social Security

From January 1, 2020 a half percent increase in social security contributions has become effective.

The Antigua & Barbuda Social Security Board today reminded all employers that in accordance with the 2016 amendment, the contribution rate increases from 13 to 13.5 percent for private sector employees.

The rate for public sector employees increase from 12 to 12.5 percent.

The breakdown is as follows for the private sector 5 and three quarters for employees and 7 and three quarters for employers.

For the public service, employees will pay 4 and three quarters and employers 7 and three quarters percent.

The increase will help the cash-strapped board meets its obligations to beneficiaries.

 

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7 COMMENTS

  1. This may be unpopular, but it is 100% necessary and the right approach. I wish Antigua would model its retirement system after Singapore’s CPF though, it’s a much better system.

      • In Singapore the employer pays 20% of annual salary and the employee pays 10% of annual salary. The total 30% goes into a semi-private CPF account which ensures that the money is appropriately managed.

        At a minimum, the CPF account balance receives 4% annual interest from the government. When you turn 60, the funds in the account are yours to do as you please. You are also allowed to use a portion of the funds to buy a home or pay medical expenses before 60 years old.

        Singapore’s CPF system is ranked as one of the best retirement systems in the world, Antigua should copy it.

    • Paying contributions and taxes is not a problem. The problem is accounting to the public how our monies are spend. When were the last audited accounts published? All we got were some figures here and there and then told how some employer are paying late as to the reason why pensioners could not get paid on time. All nonsense if you ask me. I’m not that easily fooled.
      I smell total miss-management of our monies by management
      And the PM better wakeup sooner rather than later.
      They even lied to him just the other day when he ordered early payments to be made.

  2. More deductions again? Soon the small man we will be going home without a paycheck…. Why is the small man always always suffering from taxes…..? A minimum threshhold need to be looked implemented…… Many persons in this economy are working for more than the $6500.00 which is the cap for Social Security… Perhaps for the viability of Social Security that cap need to be lifted so that the high income earners who earns above $6500.00 can be captured within the SS tax net…..

  3. It’s going up salary isn’t and you still gotta wait 3 and four months to get maternity or sick benefit 😒

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