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.