Pension Age and Contribution Rates Set to Increase in Antigua and Barbuda-CLICK HERE TO JOIN OUR WHAT’S APP GROUP
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.
These adjustments aim to ensure the sustainability of the social security system in the years ahead.
In a media release, the ABSSB confirmed that the pension age will be raised to 65 years.
This change aligns with the Statutory Instrument 2016 No. 61, governing Social Security (Benefits) (Age and Grants) (Amendment) Regulations.
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%.
The updated rates follow the Statutory Instrument 2016 No. 60, related to Social Security (Collections of Contributions) (Amendment) Regulations.
The contribution breakdown for employees and employers in the public and private sectors is as follows:
- Public Sector: 6% for employees and 9% for employers.
- Private Sector: 7% for employees and 9% for employers.
The ABSSB stated that these measures were recommended by the 10th and 11th Actuarial Reviews conducted in 2014, underscoring the need for adjustments to meet financial commitments to beneficiaries.
Residents are advised to take note of the changes as they prepare for the new year.
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If this is so i guess private sectors workers should get a higher pay rate, since their contribution is more than government… employees…
And the government waited until the last day of the year to spring this on the ppl. Those who could have retired before the age increase kicks in are unable to do so now. How considerate of the ALP!
Agenda 2030 has begun; many more headaches , heartaches, heartbreaks are there to come.
A “new” p[l]andemic is just around the corner!
https://youtu.be/ga7VaVAOvN4?si=B7_R3v0JU206coTW
This is a very bad move and would have a negative impact on the quality of life for our senior citizens. Raising the retirement age is nothing less than a benefit cut and a broke promise on the part of the government. Any cut in the retirement age will impact the poorest set of people. People paid into social security and planned using a certain set of assumptions that will now be delayed. I am upset and very disappointed at this because this is the time that the elderly are beset with major health issues and it means that it will take much longer for them to get the benefits that they paid for and was promised to them.
Ah you nah tired with ah you ponzi scheme.
Taking Taking Taking and can’t give back.
I worked from 1996 to 2021 with no sick leave, in 2022 I went out on sick leave it was hell and scissors to get my sick pay.
I don’t get squat from social security and by the way things are going, my generation might have to wait until they are 105 years old to get their pension.
Thunder will fire you all.
When will private sector retirees get an increase in their pension cheques. This government wicked no f**k
The government knows what it is doing. Release this on the last day of the year. Plenty bellyaching and bad feeling, chat, chat, chat, quarrel, quarrel, quarrel, then back to business.
You pensioners are a bunch of spineless jelly fish. None of you will go out there and protest. What you say? Is your party so you not doing nothing to cause problem? Yes. That is what I thought you said.
I am trying to convince my mother to join me in the states. She might get a job at her age and even get pension from it before she gets what belongs to her in Antigua. Gaston Browne knows what he is doing, and he is doing it with everybody’s eyes wide open.
After Christmas when people have school fees, the water we don’t get bill. the inflated electric bill thats 3 times the cost, plus the poor data and weeeeeeak wifi service from our providers. SOCIAL SECURITY IS ROBBING US!! Gaston you’re a wicked man!! Why did you approve this on us again so soon?
You have to raise contributions to meet commitments to beneficiaries? After I been waiting 2 years for survivors benefits? So weh all the money gone??
The money J’Truth got sweet him so that he’s not going to talk abou this..he’s a sell out his broke desperate ass..
You get whatever you vote for, just hope your free turkey and ham helps with the pain.
Aka GOVERNMENT/REGIONAL PYRAMID SCHEME which 99% of the population are the biggest contributors to the SYSTEM Robbing the rest of us. End of the life for BABYLON SYSTEM and it’s AGENTS
I’m surprised there’s such little feedback about this wicked act. Gaston cant real