SSB Provides Update on the 2022 Contribution Rate Increase
Saturday, December 25th, 2021
The Social Security Board informs of Cabinet’s decision to defer Phase III of the reforms which commenced in 2019 from the previously announced date of January 3, 2022 to Monday April 4, 2022.
After some 18 months of consultations which commenced in 2017, stakeholders agreed that the necessary reforms would be implemented in a phased approach being Phase 1 in July 2019, Phase II in January 2020 and Phase III in January 2021.
The final phase of the reform represents an increase in the contribution rate of 1% from 9% to 10% and an increase in the insurable wage band ceiling from $480.00 to $520.00. This is in keeping with our aim of improving the adequacy of benefits paid to employees and their families and most importantly to provide lifetime retirement benefits. The Social Security Board reiterates its commitment to continue its work to safeguard and ensure the sustainability of the fund for the benefit of all our stakeholders.
Please help support Local Journalism in Belize
For the first time in the history of the island's community newspaper, The San Pedro Sun is appealing to their thousands of readers to help support the paper during the COVID-19 pandemic. Since 1991 we have tirelessly provided vital local and national news. Now, more than ever, our community depends on us for trustworthy reporting, but our hard work comes with a cost. We need your support to keep delivering the news you rely on each and every day. Every reader contribution, however big or small, is so valuable. Please support us by making a contribution.Click to Donate
Follow The San Pedro Sun News on Twitter, become a fan on Facebook. Stay updated via RSS