S.S.B. Holds Media Mixer to Talk About Benefits

Today, the Belize Social Security held its second media mixer to chat about social security matters. This was the first mixer since Doctor Leroy Almendarez and his deputy, Jerome Palma, took on their new roles. Interestingly, the data showed that payouts hit a high of around sixty-seven million dollars in 2020 due to COVID. Another interesting point was that when the minimum wage went up, the contributions didn’t follow suit because no adjustments were made. Since 1981, there have only been two changes to the scheme’s contributions and payouts. The latest actuarial report suggested it’s time for another update. We asked the C.E.O. how the S.S.B plans to move forward with this.

 

Dr. Leroy Almendarez, C.E.O., S.S.B.

“I know there’s a proposal to increase the retirement age, that requires its own discussion because unions are having their own discussions where that is concerned as well. In terms of, since 1981, because that’s when the scheme started, 1981, and those who have been at Social Security before the 12 of us, my understanding is there have only been two adjustments. Imagine, in 43 years, with all the economic changes, with all the fact that if you take what is called a personal, a personal analysis of social security,  especially the E, the economic, and some of the downturns, etc.,  the climate change responses, the environmental aspects, and all of those different things that have happened,  and only two changes, or two adjustments have been made, and yet When the last one was made, I know there was, it was not immediate acceptance,  but let’s understand this. If you want to, especially when it talks about taking more of my money,  you have to convince me why there’s a need to take out more of my money.  And so it is our responsibility to do this, to have tongue house and to listen. And this afternoon we’ll be doing that as well. Right. We have a stakeholder consultation this afternoon. Because when we talk about the way forward, these are some of the things that we have to look at. But you have to prepare people. You have to sell it to them. And for them to understand that if you pay a dollar more, the returns on paying that dollar in terms of benefits will far exceed. And not only that, it’s not only for you, but for the son, the daughter, those who will join the labor force and will expect you know, those kind of benefits as well.”