Over 2,000 jobs will be created next year

In his annual budget presentation, Finance Minister and Prime Minister Gaston Browne projected that Antigua and Barbuda would create an additional 2,000 jobs.

According to data from the Antigua Barbuda Social Security Board, the total number of active jobs is expected to rise from 47,996 in 2023 to 49,915 in 2024, with the projected earnings for these workers amounting to $1.8 billion.

The Prime Minister noted, “That’s approximately 2,000 additional jobs in a single fiscal year. We anticipate a further 2,000 jobs will be created in 2025, driven by strong demand in the tourism sector and the construction of several luxury properties.”

This employment growth is particularly noteworthy when considering the high levels of unemployment and poverty that existed in 2014 when the current government took office.

The increase in job opportunities reflects the resilience and dynamism of the job market, contributing positively to Social Security’s capacity to fulfill its social mandate.

For the first half of 2024, Social Security reported that collections exceeded benefit expenses by $22 million. The institution anticipates total inflows of $227 million in 2024, compared to $214 million in 2023, suggesting a sustained economic buoyancy.

In addition, discussions are underway with the Social Security Management and Board to invest some surplus cash into a new hotel project on 10 acres of greenfield space at the Jolly Beach Hotel site.

Furthermore, as a result of its improved financial status, the minimum pension provided by Social Security will increase from $350 to $500 next year, highlighting the government’s commitment to enhancing the quality of life for pensioners. This change follows an increase in the government’s minimum pension to $1,000 monthly.

Overall, these developments reflect the success of current economic policies aimed at promoting growth and generating employment opportunities, ultimately ensuring that every citizen of Antigua and Barbuda has access to resources that enhance their quality of life and contribute to national prosperity.