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cases restricted to financial accounts only. Majnoni and Ethnic minorities, the young, and low-income groups in the colleagues’ simulation using Brazilian files reveals that even United States experience greater increases in acceptance at an extremely high acceptance target of 80%, the default rates with full-file information than do their counterparts. rate increases by 0.86 percentage points (or 30%).
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rate increases by 0.86 percentage points (or 30%). At a 60% The increase in acceptance rates for Caucasians was 21.8% acceptance target, the default rate nearly doubles (an 83% while for minorities it was 35.5%. Similar differences were increase) under negative-only reporting compared with full- found for low-income groups vis-à-vis richer segments. file reporting.
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file reporting. These effects are significant for a lender and, The Information Policy Institute’s study of Latin America moreover, as aggregated they can have a significant effect found an increase in the share of women among the pool on an economy’s financial stability and growth. (For more of borrowers when switching to a full-file system; women information see Section 3.)
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Comparisons using segmented accounted for 33% of the borrower pool under a negative- and comprehensive files show similar shifts in performance only system compared to 47% under a full-file system. These as were evident in the shift from full-file to negative-only. findings strongly suggest that individuals in underserved Loan performance is also greatly improved by the addition social segments are the most likely to benefit from of alternative data.
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The PERC study found that the inclusion expanded information sharing. of fully reported energy utility and telecommunications trade lines (i.e., different accounts) in traditional consumer The addition of alternative data shows greatest promise credit reports measurably improves the performance of for financial inclusion. Another PERC study found that the loans for a target acceptance rate.
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For example, by integrat- addition of the alternative data (utility and telecom) can ing fully reported energy utility data, a lender’s default rate move 10% of the population from being unscoreable to (percentage of outstanding loans 90 days or more past due) scoreable, that is from the segment characterized by difficult declines 29%, given a 60% target acceptance rate.
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Similarly, access to credit to the credit mainstream.5 This access to adding telecommunications data reduces the default rate credit was witnessed in practice as well as in simulations. by 27%. These reductions allow lenders to make more capi- Over a one-year period, 16% of thin-file borrowers whose tal available and improves their margins, capital adequacy, credit report included nontraditional data opened a and provisioning requirements.
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Such improvements could new credit account compared with only 4.6% of thin-file have further positive economy-wide effects. borrowers with only traditional data in their credit reports. 3.3. Evidence: The Impact on Loan Performance The counterpart to greater acceptance rates at a given default rate is lower default rates at a given acceptance rate.
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The four negative-only to full-file simulations restricted to financial accounts (i.e., all but the Colombia simulations) show the default rate increasing by as little 11 Financial Inclusion Through Credit Reporting: Hurdles and Solutions 3.4.
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Concerns of Consumer Overextension A concern that some may have regarding the improvement and increase in information in consumer credit files is that precisely since access to credit and financial services will be expanded there may be a problem with consumers overextending themselves. There are a number of reasons why we believe this should not be a major concern.
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First, the expansion of information in credit files should not lead to simply to easier credit for consumers but to better credit decisions by lenders. It is the lenders’ increased ability to efficiently identify good risks from bad risks that increases the availability of credit. This is something very different from, say, a relaxation in lending rules increasing access to credit.
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Second, evidence from the U.S. market indicates that there is no rush to obtain credit when consumers gain access to the credit system via new data entering their credit files or becoming scoreable with new data.6 (The credit crisis appears to be driven by the failure to use information, the failure to underwrite owing to changes in market structure, rather than the use of information to expand credit.)
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Third, while in many cases consumers without sufficient information in their credit files have little access to mainstream credit they usually have access to high cost credit, predatory lenders, informal financial services, and the like. And so, it is not that they are suddenly introduced to the concept of credit as much as they are able to utilize affordable credit. PUBLIC BUREAU PRIVATE BUREAU 4.
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PUBLIC BUREAU PRIVATE BUREAU 4. Ownership Structure: Public v. Private and Financial Inclusion The third aspect of a credit reporting system—in addition to full-file to negative-only and comprehensive vs. segmented reporting—has only recently begun to gain attention. Although there is no theoretical reason why a public bureau cannot behave like a private one, there are practical reasons.
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Public bureaus have been set up largely and primarily for supervisory purposes, to monitor the safety and soundness of the financial sector and determine whether reserves are sufficient. Unlike private bureaus, they are not established primarily to facilitate greater and sustainable lending. The primary objective of private bureaus is reducing information asymmetries and to improve risk assessment in lending. By this account, private bureaus are complements to public bureaus.
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Three separate studies have estimated the impact. First, Djankov, McLiesh, and Shleifer examined private credit and credit reporting in 129 countries.7 In estimations that examined all countries, private bureaus increased lending by 21% (vs. seven percent for public bureaus, although the latter was not a statistically significant increase). In estimations that restricted the data to poorer economies, private bureaus increased lending by 14.5% compared with 10.3% for public bureaus.
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Second, The Information Policy Institute found that 100% coverage of credit-eligible 12 A PERC Policy Brief adults by a full-file private bureau can be expected to increase private-sector lending by more than 45% of GDP (all else being equal).8 In other words, after removing these observations, lending increased by more than 45% percent of GDP with a shift to 100% coverage from no coverage.
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Third, the Inter-American Development Bank (IADB) measured the impact of information-sharing and ownership on loan performance using data from 170 banks across Latin America.9 It found that banks that loaned primarily to consumers and small businesses and that used private bureau data had nonperformance rates that were 7.75 percentage points lower than banks that did not. The 5.
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The 5. Establishing Financial Identities authors found no such effect of any magnitude for the One challenge, especially in emerging markets, is the impact of public bureaus.
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perceived and real difficulties in matching an individual to their various accounts, or correctly identifying that one set It should also be noted that privately owned credit bureaus of obligations belongs to a specific person by connecting are more likely to seek data outside the banking and the different account information from different credit financial sectors. While there is no theoretical reason why and other service providers to a shared consumer.
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This publicly owned bureaus cannot also capture alternate data, problem of matching is especially felt as a great challenge but incentive to do so appear to be greater in bureaus that in societies without national identification numbers and are privately owned. Moreover, public bureaus generally stable address systems.
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The challenge becomes one limit their data collection to those sectors that financial of the availability of a set of identifying factors that can authorities (central banks and ministries of finance) have be uniquely assigned to one individual. These factors regulatory purview over. enable the creation of a financial identity, that is one that connects a person to their financial behavior and other non-financial transaction histories.
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13 Financial Inclusion Through Credit Reporting: Hurdles and Solutions Those inside the financial system can be more or less easily The factors that can be used in establishing an individual’s identified as the know your customer recommendations identity for the sake of establishing a financial identity of the Financial Action Task Force specify that financial can be varied: utility accounts tied to an address, as institution should: defined by the utility provider; biometric identifiers; voter identification cards; digital photos; welfare basket “undertake customer due diligence measures, including allotment cards; and account information from ongoing identifying and verifying the identity of their customers, non-financial service providers such as cell-phones.
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A when: establishing business relations; wider arrays of sources helps to establish unique identities better. Credit bureaus and other information service firms can build solutions to establishing an identity based on carrying out occasional transactions: the information topography of a society.
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(i) above the applicable designated threshold; or (ii) that are wire transfers … The customer due diligence (CDD) measures to be taken are as follows: a) Identifying the customer and verifying that customer’s identity using reliable, independent source documents, data or information.” 10 This requirement for “reliable, independent source documents, data, or information” is seen as constraining when it is understood narrowly, as limited to national identification cards, passports and other government identity documents.
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It should be noted that, identity matching is never limited to national identification numbers and addresses even in developed markets. German law, for example, prohibits the use of national identification numbers in credit reporting. Consequently, Schufa, the German credit bureau, matches an individual on a number of factors.
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There are two policy issues that should be addressed: Guidelines should be developed to allow credit bureaus access to a wider set of information sources for establishing identities; and A data protection framework that guards individuals’ data by limiting its uses and access (as specified in the OECD Fair Information Practices guidelines) must be adopted.
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Finally, the creation of a body of case studies in how different economies have proceeded technically and regulatorily in the establishment of individual identities for credit reports can help policy makers and practitioners expand financial access by extending the information sharing system and thereby the financial infrastructure to a wider segment of the population. 14 A PERC Policy Brief 6.
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14 A PERC Policy Brief 6. Conclusion and Policy Recommendations Findings are consistent across a wide body of research examining information-sharing and related finance and growth, as well as finance and equality. Information-sharing expands access to credit overall and disproportionately expands access among the underserved. Information-sharing improves loan performance by reducing delinquency rates for any given target.
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Both are achieved by accurately identifying good credit risks that otherwise would have been misidentified as bad risks and, therefore, would have been denied credit. At the same time, bad risks, given credit because they were thought to be good risks, now have credit denied to them or are no longer subsidized by lower-risk individuals. In the aggregate, lending is increased, leading to greater economic growth, rising productivity and greater capital stocks. Average interest rates decrease.
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Average interest rates decrease. Poverty and income inequality are alleviated. This is especially true of full-file, comprehensive reporting, comprising non- financial obligations as well, to private bureaus. In addition to the recommendations regarding financial identity noted above, policy reform and credit reporting standards should allow the collection of non-financial payment and other non-financial data.
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As shown above, the inclusion of this information can greatly expand financial services to the underserved. 15 Financial Inclusion Through Credit Reporting: Hurdles and Solutions Endnotes 1 Walter Bagehot believed that England beat out its 7 Simeon Djankov, Caralee McLiesh, Andrei Shleifer, competitors not because it had more capital but because “Private Credit in 129 Countries” (National Bureau of it could mobilize it better. Also see R. G. King and Ross Economic Research working paper no.
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11078, January Levine, “Finance, Entrepreneurship, and Growth: Theory 2005). Available at http://papers.nber.org/papers/w11078. and Evidence,” Journal of Monetary Economics 32 (1993): 513-542; R. Levine and S. Zervos, “Stock Markets, Banks, 8 From Turner and Varghese, The Economic Impacts, and Economic Growth,” American Economic Review 88 Table 3, p. 18.
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(1998): 537-558; Ross Levine, “Financial Development and Economic Growth: Views and Agenda” Journal of Economic 9 Inter-American Development Bank, IPES 2005: Unlocking Literature 25 (June 1997): 688–726. Credit: The Quest for Deep and Stable Bank Lending 2 Levine, “Financial Development and Economic Growth,” iadb.org/res/ipes/2005/index.cfm. p. 706, and King and Levine, “Finance, Entrepreneurship, and Growth,” find similar outcomes.
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10 FATF Recommendation 5: Customer due diligence and (Washington, DC: IADB, 2004), p. 178. Available at www. 3 Turner et al., The Fair Credit Reporting Act, Table 6., p. 30. 343,en_32250379_32236920_43642938_1_1_1_1,00.html record-keeping. http://www.fatf-gafi.org/document/58/0,3 4 The Gini, which is a ratio that takes values between 0 and 1, or 0 and 100 when indexed, measures income distribution with higher values indicating greater inequality.
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Thorsten Beck, Asli Demirgüç-Kunt, and Ross Levine, “Finance, Inequality, and the Poor” (National Bureau of Economic Research working paper no. 10979, January 2007). Available at www.econ.brown.edu/fac/ Ross_Levine/Publication/Forthcoming/Forth_3RL_Fin%20 Inequalily%20Poverty.pdf 5 Michael Turner, Alyssa Lee et al., Give Credit Where Credit is Due (Washington, DC: The Brookings Institution, December 2006).
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6 See rate of opening new accounts in Michael Turner, Alyssa Lee et al., Give Credit Where Credit is Due (Washington, DC: The Brookings Institution, December 2006).
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16 A PERC Policy Brief About the APCC The Asia-Pacific Credit Coalition (APCC) is a non-profit organization dedicated to educating lawmakers, regulators, and other stakeholders in the Asia-Pacific Economic Cooperation (APEC) member economies about the economic and social benefits of full-file, comprehensive credit reporting systems and private credit bureaus. For more information, or to learn how to join APCC or support our efforts, visit our Web site at www.apeccredit.org.
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17 Results and solutions POLICY & ECONOMIC RESEARCH COUNCIL Dr. Michael Turner President and Senior Scholar PERC 100 Europa Drive, Suite 403 Chapel Hill, NC 27517, USA Tel: +1 (919) 338-2798 x801 Skype: +1 (919) 975-5565 Mobile: +1 (919) 265-3466 Fax: +1 (919) 640-8881 Email: [email protected] URL: www.perc.net
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Social protection and the future of work – key points • Changes in the nature of work and labour markets potentially pose new challenges to the social protection systems of high-income countries, particularly those relying on contributory social insurance systems. These systems are based to varying degrees on workers satisfying contribution conditions that require or assume full-time engagement in paid work for the majority of years that individuals are of labour force age.
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• As temporary work and changing employment contracts become more prevalent, the assumption of full-time, permanent formal employment threatens to become less common, potentially undermining welfare state finances as well as the social protection of workers and their families. • • In Australia, the government social security system, community services and public health insurance is not based on contributory social insurance principles but is financed from general government revenue.
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This does not necessarily mean that we do not face similar challenges. In particular, in Australia many forms of social protection have been associated with conditions of employment, including a relatively high minimum wage, paid sick leave (also now available for care responsibilities), paid holiday leave, paid parental leave, workers compensation and – more recently - superannuation.
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Changes in employment conditions could potentially undermine these provisions, with implications either for the security of households or costs to government, because of “risk-shifting”. • While the Australian social security system does not require explicit contributions, spending requires appropriate tax levels to be financed. If changes in future work patterns undermine adequate revenue collection, social protection may be put at risk.
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• A further difference from most other OECD countries is that the Australian social security system is highly income-tested. The administration of income-testing becomes much more complicated if patterns of work become irregular or other circumstances, such as multiple job holding become common.
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• The main risk to employment conditions commonly discussed is changes in automation, robotics and AI with projections that this could lead to the loss of between 10% and 50% of current jobs over the next two to three decades. • Digital platform jobs also potentially undermine employment conditions and wages but are currently a very small proportion of employment – 1-2% in Europe and the USA.
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• Australia has already experienced very significant changes to work patterns over the last forty years, and we currently have one of the highest levels of part-time employment in the OECD, the highest level of underemployment in the OECD and what appears to be the highest level of non-permanent employment in the OECD. • A well-known option for dealing with these changes is the introduction of some form of Universal Basic Income or Unconditional Basic Income.
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I am not in favour of this approach, but argue that there are a range of more realistic options that could be considered including improving the adequacy of payments for people of working age, adapting income tests to be more appropriate to changing work conditions, significantly modifying the liquid assets test waiting period, and reducing benefit conditionality.
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• More research and Australian data is needed on within year changes in employment conditions and earnings to identify this aspect of income volatility. Senate Select Committee on the Future of Work and WorkersSubmission 155 - Attachment 1
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The Antigua & Barbuda Social Security Board Employers’ Guide Table of Contents Who is an Employer?................................................................................................3 At what point should new employers be registered?....................................3 Who are eligible for employment?……………………………………...3 What are the requirements for employers?......................................................3 What are Contribution Deductions?....................................................................4 How should contributions be remitted?..............................................................4 Can incomplete R5As cause delay in benefit payments?...............................5 What are the penalties for incomplete information on R5A forms?..........5 What are the penalties for non-payment of contributions?.........................5 What is the role of the Inspector?...........................................................................6 Can your employees verify the remittance of their contributions?..........6 Does Social Security pay for employment injury?............................................6 Other information relevant to the payment of contributions……………7 Private Sector Deduction Table for Social Security Contributions………7 Explanation of Table…………………………………………………….10 What happens if there is a temporary closure of the business……….. 11 Monthly Remittance Form (R5A)……………………………….………..11 Social Security Collections of Contributions Schedule………………….14 At what age should Employers cease remittance of Social Security Contributions?...............................................................................................................15 3 Who is an Employer?
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For social security purposes, an employer is defined as a person or body corporate with whom an employee has entered into contract of service where such person or body corporate is liable to pay salary, wages, or other remuneration for service performed by an employee. At what point should new Employers be registered? All new employers must register with the Antigua & Barbuda Social Security Board (ABSSB) within 7 days of employing the first employee.
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The Social Security Board does not register would be or intended employers. To be registered, the employer must complete the Social Security Employer Registration Form and provide the required documentation inclusive of the IPO certificate. Also, in stating the “nature of business”, the employer should state the type of economic activity engaged in. Who are eligible for employment?
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Who are eligible for employment? The following persons are duly authorized or eligible for employment in Antigua & Barbuda:  Antiguan and Barbuda citizens  OECS Nationals with relevant stamps in passport  Non-OECS Nationals with valid work permit  Persons issued exemption from requirement for work permit by the Labour Department What are the requirements for Employers?  All employers are required to ensure that before employment, the potential employee has a Social Security number.
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 Employers must keep a record of all employees to include: - o Name o Social Security Number o Date of Hire o Salary  Employers must keep a payroll of all employees paid with 4 breakdown of deductions.  Employers must issue all employees with pay slips showing employee name; date or pay period; salary paid; breakdown of all deductions.  Employers who fail to subtract employee’s deductions before paying them becomes liable for paying the full deductions i.e.
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both the employer’s and employee’s contribution.  Employers are required to make deductions for all employees under the pensionable age even if they are employed on a part-time, temporary, or casual basis. What are Contribution Deductions? At the end of each pay period, contributions must be deducted from employees’ wages/salaries.
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Effective 1st January 2020, contribution rate increased to 13.5% of insurable earnings for private sector workers; of which the employee pays 5¾ % and the employer pays 7 ¾ %. For public sector workers, the contribution rate was increased to 12.5% of insurable earnings; of which the employee pays 4¾% and the employer pays 7¾%. The maximum annual insurable earnings is $78,000 ($6,500 per month, $3,000.00 per fortnight or $1,500 per week).
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In addition to salaries/wages, the earnings of an employee on which contributions are payable include overtime payments, vacation pay, cost of living bonus, housing allowance, shift work, holiday pay, bonuses, commissions, service charge, and danger or dirt money. How should contributions be remitted? All employers are required to pay Social Security contributions within 14 days after the end of the preceding month.
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Where the 14th falls on a weekend or public holiday, payments must be made by the next business day after the 14th to avoid late fee charge of 10% of the amount owed.
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Contribution payments must be paid when the monthly remittance form (R5A) (See Figure 1) is submitted and clearly indicates:- 5  The name and registration number of the employer;  The names and social security numbers of all employees and the month for which payment is being made; o If there are weekly or fortnightly paid employees, the amount earned for each week or fortnight should be indicated;  The insurable earnings and total contributions;  The total gross salary/wage;  Vacation and/or Sickness periods should be noted; and  The name and signature of the authorizing officer or employer’s representative.
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Can incomplete R5As cause delay in benefit payments? When the correct Social Security numbers and the week ending date or month of payments are not noted on the R5A forms it can cause a delay of benefit payments. Claims will not be processed unless the employee’s number and salary/wage can be verified.
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It is therefore, important that all employers quote the correct Social Security number, the month for which a payment is being made and give explanations in the comments column for any lump sum payments, or deviations from regular earnings. What are the penalties for incomplete information on R5A forms? If an employer submits an incomplete or incorrect remittance form during the contribution month, the ABSSB charges a fee of $100.00 per incorrect page.
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What are the penalties for non-payment of contributions? Payments that are not made within the prescribed time will be subjected to a surcharge of 10% of the total contributions payable. Additionally, legal action may be taken against employers who fail to pay within the prescribed time. 6 What is the role of the Inspector? An Inspector is an officer of the ABSSB appointed and designated to carry out the task of ensuring that all persons comply with the Social Security Act (CAP. 408) and Regulations.
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408) and Regulations. Section 12 of the Act (Cap.408) of 1972 gives an Inspector the power to enter at all reasonable times any premise or place or residence, where the officer has reasonable cause to believe that persons are employed and to make any examination or inquiry to ascertain whether the provisions of the Social Security Legislation are being complied. Before entering a place of business, the Inspector is expected to show his/her credentials.
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Employers should examine said credentials before delivering any records of employees’ earnings. The Inspector also has the right to visit premises for audits; to inspect, extract and to make copies of employment information. N.B. : The Inspector is not required to give prior notice when conducting an audit. Can your employees verify the remittance of their contributions?
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An employee who makes a request in person at the Social Security Office and provides proof of identity can find out if his/her employer is making the required contributions on his/her behalf. Does Social Security pay for employment injury? No, Social Security does not pay for employment injury. However, under the Workmen’s Compensation Act, employers are responsible for their employees who suffer personal injuries while carrying out their duties.
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7 Other information relevant to the payment of contributions:  It is illegal for any employer to recover the employer’s portion of the contribution from the employee. This constitutes an offence under the Social Security Act.  Where an employee works concurrently for more than one employer - each employer is required to pay the Social Security contributions with respect to the wages paid to that employee.  Any excess contributions paid in error are refundable on application to the Director.
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 Contributions are not payable during periods when an employee is receiving Sickness or Maternity Benefit; or on Severance Pay or Travelling Allowance. o Contributions are payable on uncertified sick days.  It is imperative that the employer inform the ABSSB of pending business closures and re-openings, in writing.  Deductions should be made from the initial wages or salary i.e. during the period of probation.
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during the period of probation.  Contributions should be deducted from insured persons age 16 years to the pensionable age as stipulated in Statutory Instrument 2016, No. 61. N.B. : Employers are encouraged to seek additional information from the Inspector assigned to their area.
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8 Private Sector Deduction Table for Social Security Contributions 2020 Earnings (EC$) Employee's Contribution 5¾% Employer's Contribution 7¾% Total Contribution 13½% 6,500 373.75 503.75 877.50 6,000 345.00 465.00 810.00 5,500 316.25 426.25 742.50 5,000 287.50 387.50 675.00 4,500 258.75 348.75 607.50 4,000 230.00 310.00 540.00 3,500 201.25 271.25 472.50 3,000 172.50 232.50 405.00 2,500 143.75 193.75 337.50 2,000 115.00 155.00 270.00 1,500 86.25 116.25 202.50 1,000 57.50 77.50 135.00 900 51.75 69.75 121.50 800 46.00 62.00 108.00 700 40.25 54.25 94.50 600 34.50 46.50 81.00 700 40.25 54.25 94.50 600 34.50 46.50 81.00 500 28.75 38.75 67.50 9 Earnings (EC$) Employee's Contribution 5¾% Employer's Contribution 7¾% Total Contribution 13½% 400 23.00 31.00 54.00 300 17.25 23.25 40.50 200 11.50 15.50 27.00 100 5.75 7.75 13.50 90 5.18 6.98 12.15 80 4.60 6.20 10.80 70 4.03 5.43 9.45 60 3.45 4.65 8.10 50 2.88 3.88 6.75 40 2.30 3.10 5.40 30 1.73 2.33 4.05 20 1.15 1.55 2.70 10 0.58 0.78 1.35 5 0.29 0.39 0.68 1 0.06 0.08 0.14 Explanation of Table Rounding Off The salary of the insured person is rounded to the nearest dollar for working out contributions.
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This is done by looking at the amount of cents in the wage. If it is 49¢ or less then ignore the cents, but if it is 50¢ or more then add $1.00 to the wage and figure out the contributions on this salary. For example, if the earning of a person is $934.49, calculate the 10 contribution on $934.00. If it is $934.50, then calculate the contribution on $935.00.
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Example for use of Table If the salary of an employee is $3,758.41, the contribution is worked out as follows: Wage Employee 5 ¾% Employer 7 ¾% Total 13½% $3,500 $201.25 $271.25 $472.50 200 11.50 15.50 27.00 50 2.88 3.88 6.76 8 0.46 0.62 1.08 $3,758 $216.09 291.25 = $507.34 Notice the contribution is based on $3,758.00 with the cents ignored since it is less than 50¢. The total amount due for Social Security is $216.09 + $291.25 = $507.34.
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The contribution of a weekly paid person is worked out in the same manner. The maximum earnings from which contributions are deducted is $6,500.00 for monthly paid employees; $3,000.00 for fortnightly and $1,500.00 for weekly paid employees. 11 What happens if there is a temporary closure of the business? Where an employer is closing their business for any duration, the employer should indicate such to the Director, in writing, ahead of the intended closure period.
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Monthly Remittance Form (R5A)  The Monthly Remittance Form (R5A) is used by employers to record the employee’s weekly, fortnightly and/or monthly earnings and contributions.  The form must be properly and accurately completed as demonstrated at Figure 1.  The employee’s Social Security number is a permanent number which the employee will have for life. This ensures that contributions paid on behalf of an employee are properly and accurately credited and claims paid promptly.
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Employees’ names and numbers must always correspond.  The completed remittance form must accompany the payment of contributions and must be remitted between the 1st and 14th of each month for the previous month.  In the event of sickness, maternity, vacation, start and termination dates or any other instances that affect attendance, be sure that the correct number of weeks worked is recorded. Also, be sure to use the comments section to clarify any irregularities.
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 Payments made to employees that must be included as wages for the purpose of Social Security deductions include: o Overtime payments o Cost of living bonuses o Incentive pay o Payments for night or shift work 12 o Holiday pay o Payment in lieu of alternative practice and/or additional employment o Production bonuses o Additional payments in respect of dependants o Commission or profits on sale o Payments for long service o Danger or Dirt money o Service charges o Housing allowances 13 N.B.
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: No deductions are to be taken from severance pay or from monies paid to an employee while on certified sick leave or maternity leave. 14 Social Security Collections of Contributions Schedule The Table below shows the movement of the contribution rates from year 2017 to the year 2025. At what age should Employers cease remittance of Social Security contributions?
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YEAR PUBLIC TOTAL PRIVATE TOTAL EMPLOYEE EMPLOYER EMPLOYEE EMPLOYER 2017 4% 7% 11% 5% 7% 12% 2018 4 ¼ % 7 ¼ % 11.5% 5 ¼ % 7 ¼ % 12.5% 2019 4 ½% 7 ½% 12% 5 ½% 7 ½% 13% 2020 4 ¾ % 7 ¾% 12.5% 5 ¾% 7 ¾% 13.5% 2021 5% 8% 13% 6% 8% 14% 2022 5 ¼ % 8 ¼% 13.5% 6 ¼% 8 ¼% 14.5% 2023 5½% 8½ % 14 % 6 ½% 8½% 15% 2024 5¾ % 8¾ % 14.5% 6 ¾% 8 ¾% 15.5% 2025 6 % 9 % 15% 7 % 9 % 16% 15 There is no national retirement age in Antigua & Barbuda. However, there’s a Social Security pensionable age which is no longer fixed.
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Commencing 1st January 2017, the pensionable age will incrementally increase every two years until 2025, pursuant to Statutory Instrument 2016 No. 61, Social Security (Benefits) (Age Pensions and Grants) (Amendment) Regulations. The following Table shows the schedule in the movement of the Social Security pensionable age.
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16 Year of Birth Year – Pension Awarded Social Security Pensionable Age Minimum Contributions Required 1956 - 1958 2017 – 2018 60/61 (optional) 500/550 1959 – 1960 2019 – 2020 62 600 1961 - 1962 2021 – 2022 63 650 1963 – 1964 2023 – 2024 64 700 1965 – 2025 65 750 17 This booklet is designed specifically for Employers. It is a Guide and should not be treated as a complete and authoritative statement of law.
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Should you have further questions, please contact the Social Security Office at: P.O Box 1125 Long Street St. John’s, Antigua Phone: 736-3000/1/2/3 Fax: 481-3090 E-mail: [email protected] Website: www.socialsecurity.gov.ag ABSSB. Employers’ Guide. Copyright. 2020 ©
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ANTIGUA & BARBUDA SOCIAL SECURITY BOARD NOTICE INCREASE IN CONTRIBUTION RATE The Antigua & Barbuda Social Security Board wishes to remind the public that pursuant to Statutory Instrument 2016 No. 60, Social Security (Collections of Contributions) (Amendment) Regulations, the contribution rate for 2021 has increased to 14% for private sector employees; and 13% for public sector employees. The maximum insurable earnings remain at $6,500.00.
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The following Table shows the schedule in the movement of the contribution rate.
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YEAR 2017 2018 2019 2020 2021 2022 2023 2024 2025 PUBLIC EMPLOYEE EMPLOYER TOTAL PRIVATE EMPLOYEE EMPLOYER TOTAL 4% 4 ¼ % 4 ½% 4 ¾ % 5% 5 ¼ % 5½% 5¾ % 6 % 7% 11% 7 ¼ % 11.5% 7 ½% 7 ¾% 12% 12.5% 8% 13% 8 ¼% 8½ % 8¾ % 9 % 13.5% 14 % 14.5% 15% 5% 5 ¼ % 5 ½% 5 ¾% 6% 6 ¼% 6 ½% 6 ¾% 7 % 7% 12% 7 ¼ % 12.5% 7 ½% 13% 7 ¾% 13.5% 8% 14% 8 ¼% 14.5% 8½% 15% 8 ¾% 15.5% 9 % 16% The decision to increase the contribution rate was based on the recommendations of the 10th and 11th Actuarial Reviews; and, is expected to improve the fund solvency in the long-term.
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Please be guided accordingly. T: (268)736-3000/1/2/3 ~~F: (268)481-3090 ~~ E: [email protected] ~~W: www.soci alsecurity.gov.ag GROWING TO PROVIDE FOR YOU
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Homeward Bound – Social Security and Homelessness i NATIONAL SOCIAL SECURITY RIGHTS NETWORK AND CANBERRA COMMUNITY LAWInquiry into homelessness in AustraliaSubmission 135 - Attachment 1 Homeward Bound – Social Security and Homelessness is a collaboration between the National Social Security Rights Network and Canberra Community Law. Thanks to the Australian Institute of Administrative Law who funded the project. The research report was completed by October 2019 and updated in December 2019.
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© December 2019 This publication is copyright. Apart from fair dealing for the purpose of private study, research, criticism, or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission. Enquiries should be addressed to: Executive Director/Principal Solicitor Canberra Community Law PO Box 337 Civic Square ACT 2612 Tel: (02) 6218 7900.
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Website: www.canberracommunitylaw.org.au Executive Officer National Social Security Rights Network Suite 321/410 Elizabeth Street, Surry Hills NSW 2010 Tel: +61 448 007 201 Website: www.nssrn.org.au HOMEWARD BOUND – SOCIAL SECURITY AND HOMELESSNESS Inquiry into homelessness in AustraliaSubmission 135 - Attachment 1 Contents A. About the Project i. About Canberra Community Law ii. About the National Social Security Rights Network iii. About the Australian Institute of Administrative Law B.
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Executive Summary C. Recommendations D. Project Background, Aims and Methodology i. Project Background ii. Project Aims iii. Project Methodology E. Who is at Risk of Homelessness? 1. Housing ACT, Centrelink and Homelessness 2. Rental Arrears and Homelessness 3. Domestic Violence, debt, children and safety 4. Unsuitable housing, overcrowding and homelessness 5. Incarceration and homelessness 6. Centrelink and financial hardship 7. Centrelink debts 8. Waiting Periods 9. New Zealand Citizens 10.
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Waiting Periods 9. New Zealand Citizens 10. Conclusion 2 3 4 4 5 8 16 16 16 16 18 19 27 33 37 42 44 51 56 62 63 1 NATIONAL SOCIAL SECURITY RIGHTS NETWORK AND CANBERRA COMMUNITY LAWInquiry into homelessness in AustraliaSubmission 135 - Attachment 1 A. About the Project This project is a collaboration between The National Social Security Rights Network (NSSRN) and Canberra Community Law (CCL) to examine the impacts of social security and public housing systems, and their intersection with homelessness.
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Homeward Bound: Social Security and Homelessness (research report) makes recommendations for how the social security and public housing systems could be improved to reduce or prevent homelessness. This research report’s findings rely on data collected by CCL, which demonstrates the impact of social security and public housing on residents in the Australian Capital Territory (ACT).
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These findings have broader application to other Australian jurisdictions, particularly given that social security is a responsibility of the Commonwealth Government. This research report has been funded by the Administrative Institute of Administrative Law (Australian Capital Territory Chapter). The views expressed here are of CCL and NSSRN and are not necessarily those of the Australian Institute of Administrative Law.
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This research project was undertaken by Sophie Trevitt with assistance from CCL staff and the NSSRN Secretariat who provided input on the research report’s content and reviewed the draft research report. The research reports’ recommendations have been informed by insights gained from CCL’s homelessness practice experience including through its Street Law program.
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2 HOMEWARD BOUND – SOCIAL SECURITY AND HOMELESSNESS Inquiry into homelessness in AustraliaSubmission 135 - Attachment 1 References in the research report to domestic violence focus on women and the system difficulties women face. Whilst it is acknowledged that men can also experience domestic violence, women make up the great majority of victims of these violations. Case studies in this research report are based on specific clients whose cases illustrate the issues raised.
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Names and certain identifying information have been changed to protect the identities of CCL’s clients. We note that some people prefer to identify as victims of violence and others as survivors of violence. When the term ‘victim’ is used in this research report this is intended to mean both victims and survivors. I.
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I. ABOUT CANBERRA COMMUNITY LAW CCL (formerly Welfare Rights and Legal Centre) is a not-for-profit community legal centre that has been providing free, independent legal services to people on low incomes or facing other disadvantage in the ACT for over 30 years. CCL has substantial legal practice experience and expertise in homelessness and social security law, as well as tenancy and disability discrimination law.
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CCL has developed this expertise through the provision of specialist legal advice, assistance and representation services to people in the ACT on low incomes.
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CCL operates the following specialist programs: • Street Law – legal support for people experiencing or at risk of homelessness; • Night-Time Legal Advice Service – a general one-off legal advice clinic; • Dhurrawang Aboriginal Human Rights Program – culturally appropriate legal service in specialist areas of law – social security, public housing and race discrimination; and; • Socio-Legal Practice Clinic - provides a holistic service combining both legal and social work support.
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CCL also provides a duty lawyer service at the ACT Civil and Administrative Tribunal for the residential tenancy list. 3 NATIONAL SOCIAL SECURITY RIGHTS NETWORK AND CANBERRA COMMUNITY LAWInquiry into homelessness in AustraliaSubmission 135 - Attachment 1 II. ABOUT THE NATIONAL SOCIAL SECURITY RIGHTS NETWORK The NSSRN is the peak community organisation in the area of social security and family assistance law, policy and administration.
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It has a funded secretariat and its members are community legal services across the country which provide free and independent legal assistance services directly to current and former social security and family assistance claimants and recipients. The NSSRN’s research and policy positions are informed by its members’ unique access to client-related experience. This allows NSSRN to make meaningful contributions to a range of policy and service delivery areas. III.
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III. ABOUT THE AUSTRALIAN INSTITUTE OF ADMINISTRATIVE LAW This research report has been funded by the Australian Institute of Administrative Law (AIAL) as part of its administrative law grants program. The AIAL is a National Institute which promotes discussion about the law and practice of government actions and accountability. The views expressed in the report are of CCL and NSSRN and are not necessarily those of the AIAL.
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4 HOMEWARD BOUND – SOCIAL SECURITY AND HOMELESSNESS Inquiry into homelessness in AustraliaSubmission 135 - Attachment 1 B. Executive Summary Social security recipients experience the highest rates of poverty in Australia with over half of Newstart Allowance recipients living below the poverty line1 and most priced out of the private rental market. For many social security recipients, public housing is the only viable housing option for them.
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