Thursday, June 20, 2024

2020 brings another increase in Social Security Contribution Rates

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The second phase of the Belize Social Security Board’s (SSB) Contribution Reform will take effect on Monday, January 6th of this new year. Under the policy approved by the Government of Belize in June of 2019, the second phase in the reform will see the contribution rate increasing by 0.5% to 9% and the ceiling for insurable income go up from $440 to $480.
The first increase on Social Security contribution came on July 1, 2019, when contribution rates increased from 0.5% to 8.5% and the ceiling for insurable earnings went up from $320 to $440. This increase was met with much concern from both employers and employees, who claimed the increase would cut back on salaries that are already considered to be too low in Belize. However, SSB maintained that the Contribution Reform is for the benefit of all employed persons as with the increase, higher benefits would be paid out.
The changes were scheduled to occur over a three-year period with the final increase taking place on January 4, 2021. At that point the contribution rate will increase from 9% to 10% and the ceiling will go up from $480 to $520.
SSB encourages everyone to visit their nearest office to learn more on the Contribution Reform. You can also find more information at https://www.socialsecurity.org.bz/2019-contribution-reform/

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