7 News Belize

SSB Still Wants Contributions To Increase
posted (April 12, 2018)

Will the Social Security Board increase the contribution that workers and employers make - while also increasing the benefits you get?

That's a consultation that started out in early 2017, and today we got an update on whether - 16 months later - it is still a live issue.  The GM of Corporate Customer Relation Services had answers:

Jules Vasquez
"Is that project to review and perhaps revise the contribution scheme still live? Where are we going with that?"

Chandra Nisbet Cansino - GM, Corporate Customer Relations, SSB
"The contribution reform process, yes we've completed the stages of preliminary consultations and so we've met with the general public, we've met with the business stakeholders and we've met with the worker groups and the worker representatives to present a proposal. We've actually met with the business community twice and so right now at this present time they are both reviewing the proposal and we await their documented response in regards to the proposal. If they both agree then we will be able to submit the - make our submission to cabinet for the changes. If they don't then we will probably have to go back to the bargaining table, sit down and get a final consensus before we can move forward but the general consensus is an acceptance to the proposal simply because it's not only an increase in the payment of contributions but it's also an increase in the benefits."

Belize's Social Security Fund is one of the most stagnant in the region; in three decades, the contribution structure has only changed once - and that was in 2001. The effect of this is that those who make more than $320 dollars per week - which is almost half the working population - don't have adequate coverage.

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7 News Belize