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Jan 21, 2022

Other Actuarial Proposals Being Considered On the Table for Discussion

C.E.O. Ruiz said that coupled with contribution reform, there are other actuarial proposals for consideration, but those require in-depth discussions. Later this year, S.S.B. will consult with stakeholders on possible measures, such as the ratio that S.S.B. and employers share for employees’ sick benefits.


Deborah Ruiz

Deborah Ruiz, C.E.O., Social Security Board

“One of the things that we were looking at is, we pay a high eighty percent of the short-term benefit for sickness, and the impact you will see right now for COVID because of the number of days, we’re giving you a replacement income. What that means – if we insure you for four hundred and eighty dollars, we are giving back eighty percent of that. Other schemes in the region only give sixty percent or seventy-five percent. So those are the discussions, rather than a financial impact, if we reduce the amount that we pay out, would also make a difference. So those are the conversations we would need to have with stakeholders if that is the route they need to go or if – because one of the mandates really of the reform was we needed to bring Social Security benefits in line with current income. So to have a conversation about stepping back would not be something that would be easily accepted noh, but those are the challenges and the options that are on the table. If you don’t want to put out of pocket, then we have to reduce what we pay out, so those are conversations that would be had.”

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