Antigua May Hike Social Security Levy

By ExpatBriefing.com Editorial 05 April, 2013

The Government of Antigua and Barbuda will conclude a series of public consultations on April 10, 2013, aimed at agreeing measures, potentially including a hike to social security contribution rates, to plug the state pension funding deficit.

Local authorities launched public consultations in November 2012 to engage stakeholders on how to bridge a funding shortfall of XCD15.6m (USD5.8m), which has led to pensioners and other insured individuals receiving their entitlements late.

The Government proposes to increase the contribution rate from 8% to 10%; increase the wage ceiling; hike the state pension age to 65 on a transitional basis; and introduce more stringent enforcement measures on defaulters.

At the latest public consultation, Chairman of the Board of Directors of Social Security Everett Christian underscored that funding for state pensions cannot be found elsewhere, and therefore "doing nothing is not an option," he said.

Tags: Individuals | Expatriates | Tax | Business | Pensions | International Financial Centres (IFC) | Enforcement | Offshore | Social Security | Antigua And Barbuda |

 





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