To ensure that the Antigua & Barbuda Social Security Board (ABSSB) continues to honour its financial commitment to all beneficiaries and to enhance Contributors’ Funds, the ABSSB is reminding the public of two Statutory changes that will be administered in 2021. The following Amendments are scheduled to take effect 1st January 2021:
1.The Pension Age will move to 63 years pursuant to Statutory Instrument 2016 No. 61, Social Security (Benefits) (Age Pensions and Grants) (Amendment) Regulations. However, individuals will have the option to claim at age 60 at a reduced rate.
2.The Contribution Rates will increase by ½% pursuant to Statutory Instrument 2016 No. 60, Social Security (Collections of Contributions) (Amendment) Regulations. The contribution rates for 2021 will therefore be 13% for public sector employees; and 14% for private sector employees, while the Self-Employed rate remains at 10%.
The following Table shows the breakdown of the contribution rates:
Public Sector Private Sector
Employee – 5% Employee – 6%
Employer – 8% Employer – 8%