By William Ysaguirre (Freelance Writer)
BELIZE CITY, Mon. Aug. 25, 2025
The Belize Social Security Board (SSB) reports that it collected a $50 million surplus last year over and above the cost of paying out benefit claims and covering administrative costs, SSB’s acting chief executive officer Jerome Palma reported at the SSB’s Connect Forum last Friday, August 22.
The $50 million surplus came from a 10 percent increase in the contribution rate and more efficient collection of contributions, as a result of the contribution reform which the Board had implemented, and from investment income, Palma explained. The surplus will go towards an increased long-term fund, Palma added. He said he expects the surplus will continue to grow over the next few years, until the SSB’s period of equilibrium takes effect by 2028 to 2029, for which he expects to have to make some adjustments before that.
The SSB unveiled its five-year strategic plan for 2025– 2029 at the forum, which also served to unveil some new features of the Social Security Boards digital portal which will improve SSB’s administrative efficiency. One new feature introduced this year is the Online Sickness Claims Submission, and the retirement benefit claim submission will also now be available online.
Palma said he anticipates that the digital platform will be able to process applications faster, with a quicker turnaround time. It will improve their data collection, which will result in much more credible data. He expects that this will shift the way in which insured persons engage with the SSB, as they will be able to contact the Board from wherever they are. Some people nearing retirement age may not be living in Belize City, and he hopes the online portal will minimize the need for people to come to the office in person.
The $50 million increase in reserves increases the Board’s ability to invest in the wider society and to generate additional investment income, Palma said. The fund will be a more direct match for the increase in benefits to be paid to insured persons which will help the Board to remain sustainable in the long term, as the SSB “can more directly match the reality of more persons now nearing retirement age that are participating in the scheme,” Palma explained.
Some of the increase in contributions has come from growth in the Business Process Outsourcing sector, Palma admitted, which has positively impacted the contribution revenue. Other sectors have improved, along with the general economy, and the wages overall have increased, along with the minimum wage, as workers are earning more income.
The strategic five-year plan includes good governance as an essential starting point – a first priority. Other key pillars of the strategy include modernization to make better use of technology, and improvements to the legislation to have better benefits with a wider scope for some of the new mediums of work that perhaps were not envisioned when the legislation was drafted. The plan will incorporate the use of artificial intelligence, as “AI has just evolved tremendously,” Palma said. The aim is to improve service delivery for operational excellence, so that all the insured persons can have a good experience when they need to access SSB services.
