SSB Unveils Digital Upgrades and Strategic Plan

The Social Security Board opened its annual public forum today in Belize City and there was plenty to talk about. From financial updates to digital upgrades, SSB laid out its plans for the future. The spotlight was on the board’s performance, and the numbers are looking strong: a fifty-million-dollar surplus for the 2024–2025 fiscal year. Acting CEO Jerome Palma says that boost came from a phased increase in contribution rates. But that’s not all, SSB also rolled out new features on its online portal and unveiled its strategic plan for 2025 to 2029, signaling a push toward smarter, more connected services.

 

Jerome Palma, Acting C.E.O, Social Security Board

“The most important highlight, because of the contribution reform, we had an increase in our contribution income, and we had a surplus of almost fifty million at the end of the year, which goes towards an increase fund. We are very mindful that over the next few years we will continue to expect an increase and then by 2028-2029 that is when our period of equilibrium will take effect and we will have to make some adjustments sometime before that.”

 

Reporter

“What was the key contributor to that overall surplus?”

 

Jerome Palma

“The key contributor was the increase in the contribution rate. You would have recalled there was contribution reform and in 2024 the full increase to the ten percent and we saw an increase in that regard and that was the main driver in terms of the surplus for the year.”

 

Reporter

“So the increase in contributions that is being driven by people employed in the BPO sector?”

 

Jerome Palma

“We have seen an increase in terms of that sector and that has impacted positively. There and other sectors that have improved. The general economy we have seen an improvement and wages overall have seen an increase. We are mindful that the contribution is a percentage of wages. The increase in minimum wage means that more people are earning more income so the actual percentage has a positive effect on the contribution that comes into the fund. So there are many factors that contributed, I have listed a few.”