NEW PENSION PAYMENT SCHEDULE To Be Introduced By Social Security

As we begin 2021, the Antigua & Barbuda Social Security Board (ABSSB) will
embark on a new payment system for pensioners. Understanding that the COVID-19 pandemic
will continue to impact our contribution intake, the ABSSB intends to introduce a payment
schedule for our major financial institutions in January 2021.
Cash flow will always impact the Pay-as-You-Go system of the ABSSB. Therefore, this year we
intend to make payments in keeping with our contribution receipts. Rather than waiting to pay the
banks one at a time, we will be paying multiple institutions at once. This will result in our major
financial institutions receiving pension payments in installments.
The Social Security database will be used to determine how best to achieve this. It is anticipated
that this strategy will serve to ease the burden on our customers and will be used for the next six
months.
We know that these are trying times for us all and we are truly grateful to you, our beneficiaries
for your forbearance as we continue to navigate these difficult times.

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