Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697630592531.pdf (Antigua and Barbuda)
Understanding Social Security Terms As an insured person, you may have heard or seen certain terms and wondered what they meant, or how they apply to you.

For a better understanding of Social Security, a glossary of general terms is shared below.

Active Employer: Any employer or self-employed person owning a business to which at least one contribution payment was made during a given period.
Active Insured Person: Any person aged 16 years to the pensionable age in respect of whom at least one contribution has been paid to the Social Security Fund during the reference year.

Annual Insurable Earnings: The total insurable earnings in those pay periods for which contributions were paid in a given contribution year.

Beneficiary: A person who is entitled to a cash benefit.

For example, Sickness Benefit.

Claimant: An insured person claiming a benefit or on behalf of an insured person.
Confinement: The period for which a woman gives birth to a child whether alive or dead.

Contribution: A contribution is the total amount of an employer’s and an employee's obligation to the Fund.

For 2018, Private Sector employees would see a deduction of 5 ¼% from their ABSSB.

Understanding Social Security Terms.

Copyright 2018.

© earnings.

The employer pays 7 ¼% on the employee’s behalf.

Contribution Week: A period of seven days commencing from midnight between Sunday and Monday.
Contribution Year: Any calendar year in which an insured person pays thirteen or more weekly contributions or the monthly equivalent thereof.

Insurable Earnings: The total amount of earnings up to $6,500 that an insured person makes from his or her employment.

Pension: Long-term Benefits - Age, Invalidity, Survivors and Non- contributory Old Age Assistance - paid on a monthly basis.

Private Sector: All establishments, inclusive of self-employment, not classified as Public Sector.
Public Sector: All government establishments including statutory organizations.

Social Security Card: A card issued with a unique Social Security number for the purposes of contribution payments, making an enquiry, or claiming a benefit.

For more information, visit our web site at www.socialsecurity.gov.ag ; or Join us on Follow us on ABSSB.

Understanding Social Security Terms.

Copyright 2018.

©