by Kristen Ku
BELIZE CITY, Fri. Aug. 11, 2023
The Social Security Board (SSB) held its 4th annual SSB Connect event at the Belize Biltmore Plaza today. Designed as a platform to update its stakeholders, the event is a medium through which information is provided on the current status of the fund, and reports are presented on collections, expenditures, contributions, and investments.
One of the event’s highlights was the celebration of SSB’s recent strides, such as the launch of the Online Contribution Portal and Direct Deposit services.
This year, there were five key areas of focus during the presentations at the event. Topping the list was Social Protection and its alignment with Social Security in the national agenda.
Leticia Vega, the SSB’s General Manager of Policy, Research, and Actuarial Services, highlighted five key sustainable development goals: the eradication of poverty, promotion of good health and well-being, gender equality, fostering decent work and economic growth, and the reduction of inequalities.
Vega noted the roles of these goals in bolstering social protection.
Arlen Neal, the General Manager of Service Management, focused on the significant operational milestones of 2022. She highlighted SSB’s online enhancement, focusing on the renovated customer personal portal designed to enhance public service efficiency.
Key metrics showed a surge in active insured individuals and employers, contribution income, and short-term benefits from 2021 to 2022, with a notable decrease in long-term benefits.
Leo Vasquez, overseeing corporate services, delivered a comprehensive financial review for the year. The takeaway was an excess of income over expenditures amounting to $34.1 million.
Hernando Perez Montas, the board’s actuary, discussed the 2022 actuarial report. With contribution income rising by 22.4% from its 2021 level, the performance that year was a notable one, and is attributed to legal modifications and economic recovery.
Overall, the year wrapped up with a surplus of $24 million, following a 12.9% rise in total expenditure.
Ward McGregor, Chief Information Officer, introduced the “My Social Security” profile. This enhancement project is aimed at empowering clients to effortlessly access their data, avoiding the need to wait in long queues.
The event concluded with an informative Q&A session, promoting open dialogue between stakeholders.
For those interested in delving deeper into the annual report, it is available on the SSB website www.socialsecurity.org.bz/. Additionally, complete coverage of the SSB Connect event can be accessed on their Facebook page.