The Antigua and Barbuda Social Security Board (ABSSB) has announced the introduction of a new pension payment arrangement as it adopts measures to cope will falling collections.
In an official statement Tuesday, the Board said the measure takes immediate effect and will likely last for the next six months.
“As we begin 2021, the Antigua & Barbuda Social Security Board 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,” the statement read.
It noted that 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,” it explained.
According to the release, 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,” the release concluded.
ABSSB Director David Matthias said all the major financial institutions have already received more than half of their payments and he expects to make the second installment for the month perhaps by this Friday