Social Security Pension Age and Contribution Rates Set to Increase from January 1, 2025 in Antigua and Barbuda

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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