Posted: Saturday, July 27, 2019. 9:11 am CST.
By BBN Staff: The heads of social security organizations with the Caribbean Community (CARICOM) has applauded Belize’s Social Security Board (SSB) for its recent increase in contributions and Chief Executive Officer, Dr. Colin Young says that applause signals that SSB made the right move.
The regional social security bodies sent a letter of congratulations to Dr. Young, following their 30th annual meeting held in Guyana last week. The letter acknowledged the contributions of the social partners in making the “urgent contribution reform” needed to maintain the sustainability of the fund.
“The heads applaud the leadership demonstrated by all stakeholders and note the consultative and transparent approach used by the Belize Social Security Board to successfully conclude the current reform exercise,” the letter said.
Breaking Belize News (BBN) spoke with Young today, who also acknowledged that the input from social partners was essential in making the reforms a reality. Young also stressed that the acknowledgment from the social security heads in the region sheds light on the difficulties that countries all over the region are facing with their social security schemes.
“It also signals to the other heads that are going through the same or similar situation as Belize to say ‘Hey, look at Belize’s example and make the necessary reforms.'” Young said.
Under the new SSB reform, contributors began paying an increase of 8.5% this month. That increase will go up to 9 percent in 2020, and up again to 10 percent by 2021. the decision to increase contributions has been widely unpopular with the public; however, SSB maintains it was a necessary reform to keep the scheme from an imminent collapse.
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