The Social Security Scheme faces a deficit

The Social Security Scheme faces a deficit

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The Social Security Scheme is facing a deficit according to the Executive Director of the Board.

David Matthias says the contributors to Social security in Antigua and Barbuda is far less than industry standards and is putting pressure on the scheme.

AUDIO – Matthias on Social Security

Matthias says the labour force in Antigua and Barbuda is about 50,000 people representing only have half of the active insured population contributing to social security.

He says at this point, the Scheme has to consider rebasing its investment portfolio so that returns will be enough to replace the revenue loss.

AUDIO – Matthias on Social Security 2

The Executive Director is encouraging workers to explore private insurance and other funding opportunities to which will offset their social security payments.

AUDIO- Matthias on Social Security 3