Social Security as the nation has known it for the last 40 years would be no more as of May 1 – when major reforms to the Scheme go into effect.

The chairman of the Social Security Board has “unequivocally” shot down claims that the current administration borrowed millions in the form of Treasury Bills (T-Bills) from the Scheme.

An expert hired by the Antigua & Barbuda Social Security Board (ABSSB) concludes that without an imminent increase in contribution rates the scheme will be unable to pay its monthly pensions on a timely basis.

Increased fines and penalties for non-compliant employers are among the Social Security reforms to be discussed at consultations in less than two weeks.

A local labour union boss added his voice to the social security reform debate saying the scheme is right now in a “crisis” and pension reform must be looked at.

Plans are underway to create a centralised government database to help identify tax cheats.

There is promise of yet another housing project on island as a construction and real estate company GeoTech partners with state-owned Social Security to build homes for low-income earners.

The 39-year-old Antigua & Barbuda Social Security (ABSSB) has told contributors to expect changes to ensure the viability of the institution.

Independent Senator Syliva O’Marde has called for state funded boards to come under greater scrutiny as the government seeks to implement further cost cutting measures in 2012.

Tough times in Barbuda have led to a spiralling of demand for the PDV Caribe’s People’s Benefit Programme (PBP), according to organisers there.