Today, Social Security Board held its second Annual General Meeting dubbed “SSB Connect” which was attended by stakeholders and contributors. Those who attended the event learned about the benefits paid out by Social Security Board and the investments made while the contributions for 2018 were reviewed. At the meeting, Dr. Colin Young, the Chief Executive Officer at the Social Security Board noted that in 2018 Social Security Board collected four point four million dollars more than the previous year and most of the contributions came from the Cayo and Belize Districts.
Dr. Colin Young – the Chief Executive Officer of Social Security Board: “In 2018 we collected $87 million from employees and employers combined, $87 million. Now when you pay into Social Security, according to the contribution regulations that money is then divided into three branches of the Board that we call the short term branch, the long term branch and the employment injury branch. In the short term branch, we have sickness benefits and maternity benefits. In the long term branch, we have retirement, validity, survivors and so on. Then in the employment injury you have medical care, disablement, funeral grant, and the SSDA fund so these percentages are at the top essentially. To make it very simple is that of every dollar that you pay 19.25 cents goes into the short term branch, 56.25 cents of that same dollar goes into the long term branch and of course 24.50 cents goes into the employment injury branch so that is how you dollar once received by us is then segregated into the branches of Social Security.”
For 2018, while SSB collected eighty-seven million dollars in contribution it paid out seventy-four million in benefits. According to Dr. Young, persons should see paying Social Security contributions as an investment in their retirement.
Dr. Colin Young – the Chief Executive Officer of Social Security Board: “With Social Security contributions that money is earmarked for you and you are going to get the various benefits at various times in your life for example if you are unemployed and you get sick you get sickness benefits, if you are a woman and you are pregnant you get maternity benefits. All of this is index to what you pay so if you pay a small amount your benefit is going to be on the small side, if you pay a larger amount then you get a larger benefit and then for the retirement pension what you are doing is you are paying into Social Security so that when you reach retirement age that there will be a retirement pension that you paid.”
Indications are that come next year, Social Security Board will be paying out one billion in benefits.