Social Security Contribution Rates To increase on January 1, 2024

The content originally appeared on: Antigua News Room
Mathias, General Manager of Social Security

Increase in Social Security Contribution Rates. CLICK HERE TO JOIN OUR WHATS APP GROUP

St. John’s, Antigua, Thursday 28th, December 2023 – 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%.

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The contribution rates for 2024, will therefore be 14/% for the public sector; and 15%% for the private sector, while the Self-Employed rate remains at 10%.

The decision to increase the contribution rates was based on recommendations by the 10th and 11th Actuarial Reviews.

The following Table shows the breakdown of the contribution rates:

PUBLIC SECTOR
PRIVATE SECTOR
Employee – 5¾%
Employee – 6%%
Employer – 8¾%
Employer – 8¾%

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