PM Browne Defends Social Security Plan, Rejects $75m ‘Withdrawal’ Claim
Prime Minister Gaston Browne has mounted a strong defence of his government’s handling of Antigua and Barbuda’s Social Security Scheme, rejecting opposition claims that $75 million is being siphoned from pensioners’ funds.
Speaking on Pointe FM, Browne insisted there had been no cash withdrawal from the scheme, describing such allegations as “misinformation” spread by the opposition United Progressive Party (UPP).
“No cash is being taken out of Social Security. Jolly Beach will serve as collateral and as an income-generating investment,” he said.
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. 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).
Browne projected that the redeveloped Jolly Beach property could deliver around $40 million annually in revenue — compared with less than $4 million a year that Social Security currently earns by keeping funds in low-interest deposits.
To reassure contributors and pensioners, Browne said the government would provide a formal written guarantee that if the investment were ever to fail, the Treasury would cover any losses.
He said this is about putting Social Security on a sustainable footing, arguing that the scheme requires innovation if it is to meet its long-term obligations.
Browne warned that without reform, Social Security could face insolvency, citing Antigua and Barbuda’s small working population — around 52,000 people, with 47,000 contributors — alongside longer life expectancy and fewer births.
He pointed out that contribution rates are already capped at 16%, and the retirement age has been raised to 65. Without new investment streams, he said, future governments could be forced to push the retirement age to 67 or 68, or increase contributions further — measures he said would be unfair to workers.
The government is also planning to consolidate Social Security’s arrears into a bond of around $430 million, which will be serviced by the Treasury. According to Browne, this structure — combined with returns from Jolly Beach — will help stabilise the scheme’s finances and provide reliable income streams for pensioners.
The UPP has repeatedly criticised the plan, warning that the government is putting pensioners’ money at risk. Browne, however, dismissed their claims as “emotional, speculative and ignorant,” accusing the party of failing to present any credible alternative.
He contrasted the government’s approach with what he described as the UPP’s neglect when in office, reminding listeners that the scheme had previously fallen into crisis under their leadership.
Browne framed the Social Security reform as part of a broader philosophy of “empowerment capitalism”, which promotes public ownership of key assets alongside private investment. By keeping wealth-generating properties like Jolly Beach in national hands, he said, the country could accelerate development while ensuring citizens benefited directly from profits.
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You mean that same broke Treasury will cover the cost? This man is something else.
So why didn’t you dip into that same surplus of money to fix the roads GM, instead you raise the ABST and come after the people for another hundred million to fix those same roads.
So if so much money is in the Treasury to cover any fallout from this resort, why are so many delapidated buildings are occupied by the government, shouldn’t they be fixed and brought up to date? Instead you’re running behind more failed projects.
Didn’t the people already pay millions in taxes and duties to fix these things?
This man is just a liar. It would be interesting to see a audit on this same Treasury.
The people ought to know where their tax money is going?