There has been a small increase in social security contributions across the board as
measures have been put in place to ensure the long-term viability of the scheme.
The Social Security Scheme has announced that effective January 1, 2024, a half of
a percentage point increase has been added to contributions both from the point of
view of employers and from employees as well.
“To ensure our financial commitment to our beneficiaries and the continuous
improvement of contributors’ funds, the Antigua and Barbuda Social Security
Board (ABSSB) is reminding the public of the Social Security (Collections of
Contributions) (Amendment) (Regulations) Statutory Instrument No. 60 of 2016,
that effective January 1st, 2024, the contribution rates will increase
by ½% or 0.5%,” the SSS said in a media release.
He explained that the contribution rates for 2024, will therefore be 14½% for the
public sector; and 15½% for the private sector, while the Self-Employed rate
remains at 10%.
According to the release the decision to increase the contribution rates was based
on recommendations by the 10th and 11th Actuarial Reviews.
The current retirement age is now pegged at 64 years. Next January will be move
up one last time to 65 years. Any further rise in the retirement age must first get the
approval of the parliament.
The following Table shows the breakdown of the contribution rates:
