Social Security contributions set for final increase

Published by BBNTEAM at December 14, 2021

Tags

Posted: Tuesday, December 14, 2021. 9:23 am CST.

By Aaron Humes: Come January 1, deferred plans to increase Social Security contributions by one percent will go ahead, Prime Minister John Briceño confirmed on Monday.

It means that contributions will increase to 10 percent of insurable earnings. At the highest level, that’s 10% of the $520.00 ceiling on insurable earnings – that’s a total of $52.00 – 28.60 from employers and 23.40 from employees, for all those making $500.00 or more per week.

The Prime Minister noted that it was before his time but found no fault with it, citing actuarial reports from the Board about the state of the Social Security Fund: “…it’s an investment in your future when you pay monies into Social Security and we’ve been raising the bands from which you can insure your earnings and retirement that now it will help the very same public officers that are earning above $300 so that now they are going to be having a larger portion of their salaries insured so when they retire, they can get more in return. So it’s just a continuation, something that had to be done. If we don’t do it now, if (we) don’t do that 1 percent increase, the numbers shown by the actuary of Social Security is that by 2024, the fund will be in equilibrium, meaning that every dollar we’re collecting we’re paying out a dollar and that would mean we have to increase the contributions more than 1 percent so it’s best we do it now to give the fund a chance to build up, so that’s all we’re doing.”
[8:30 AM, 12/14/2021] Hugh O’Brien: Assistant Commissioner of Police Marco Vidal suspended for 60 days

By Aaron Humes: Channel 7 News reports that acting on the recommendation of the CEO in the Ministry of Home Affairs Kevin Arthurs, the Security Services Commission has ordered the suspension of Assistant Commissioner of Police Marco Vidal for 60 days.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Belize ~ We offer fully customizable and flexible digital marketing packages. Your content is delivered instantly to thousands of users in Belize and abroad! Contact us at mаrkеtіng@brеаkіngbеlіzеnеwѕ.соm or call us at 501-612-0315.