Last night we showed you the critical state at Social Security. As we've reported, Social Security is currently paying out more money than they are collecting and are operating at a deficit in the millions, so, the reality is that the Social Security Fund is on the brink of collapse. And, really, you, the Belizean workers, are the only solution. At yesterday's press conference the board outlined how much more you will have to pay to sustain the fund. Now, how are people reacting to this ? Well we hit the streets to get feedback from the public and we got mixed responses some are completely against this increase while others see the logic behind it.
Again, like we said, by 2021, the lowest income earners will have to pay $5.50 into the Social Security Fund every week. The employer will pay $4.47 and the employee will pay $1.03. At the SSB ceiling, which is $520, a total of $52 will be paid into the fund weekly. Of that amount, employers will pay $28.60, and employees will pay $23.40.
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