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Browne Says Gov’t Will Clear Social Security Arrears, Fund Has Cash Reserves
Prime Minister Gaston Browne has pledged that his government will settle outstanding payments owed to the Social Security Scheme, while insisting that the fund remains financially sound with millions in cash reserves.
Speaking on the Browne and Browne Show, Browne said his administration has already reduced liabilities inherited from both Labour and United Progressive Party (UPP) governments, paying down a $330 million bond to about $218 million.
He confirmed that a new bond deal has been signed to eliminate the remaining arrears.
“We have just signed off on a new deal with Social Security in which the amounts that we owe them now are a hundred and something million dollars. We’re floating a bond shortly, and we’re going to pay them up completely,” Browne said.
The prime minister explained that from 2014 to 2022, his government paid the full amount of premiums owed to Social Security, unlike previous administrations that made only partial payments based on estimates.
He acknowledged, however, that after the COVID-19 pandemic, monthly contributions became inconsistent.
Still, Browne rejected claims that pensions or benefits were at risk, stressing that the scheme had ample liquidity.
“It was not a money issue. At any given point nowadays, Social Security would have probably $35, $40 million in cash.
But everyone has been paid, probably just a few months in arrears now,” he said.
The remarks come amid renewed scrutiny of Social Security’s finances, with the opposition accusing the government of mismanagement. Browne countered that his administration is the first to take meaningful steps to pay down decades of accumulated arrears.
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Now who can fix their mouth to say this man, my beloved Prime Minister Browne, does not have Antiguans and Barbudans at heart? How soon people forget the good that he has done for them, because despite the shortfalls during the covid crisis, he made sure social security recipients received their money; he even put a moratorium on some bills like APUA’s and some of you still twist your lips attached to your halitosis, sewage smelling mouths to talk ill of him. But just remember …. who God bless no man can ever curse. Just know, my beloved Prime Minister, that this little old woman appreciates you.
This is exactly the type of leadership we need. Successive governments left behind huge arrears, and at least this administration is taking responsibility to pay them down
That’s indeed good news. That’s the price you pay for running a country you inherit and have to clear past debts
This is a positive step toward restoring trust in the Social Security system. Workers deserve to know their contributions are protected.
PM Browne talks a good game about paying arrears, but the Social Security system is still under pressure. People waiting on benefits want results, not speeches
Good to hear no funds were pulled from Social Security reserves, but the pandemic excuse is wearing thin. Pensioners still worry about their future payments
If Antigua and Barbuda clears $100 million in arrears, it could strengthen investor confidence and open doors for future economic development projects
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