The Social Security Board inaugurated its new building today. The 8.2 million dollar state of the art structure stands four floors tall and will be able to house several other offices.

The idea of renting the space is to grow the social security fund so that this investment pays for itself.

Courtney Menzies was at the inauguration ceremony of the David L McKoy Business Center today and has this story.

The Social Security Board in Belmopan is on the move - to a 8.2 million dollar building. The David L McKoy Business Center was inaugurated today, but won't just be home to SSB. It also provides office space to be rented.

And while you may be thinking about that 7 figure price tag, at the ceremony, board director, Wendy Castillo, said that this building benefits all Belizeans utilizing Social Security.

Wendy Castillo, Board Director
"With the new building we are fulfilling its mission to have a financially stable program to provide a lifetime of coverage to many thousands of Belizeans insured through the scheme. The investment in a state of the art building will further enhance the revenue stream of the Social Security funds."

The Investment Committee Chairman explained how this investment will see plenty of returns - and will help the economy.

Reynaldo Magaña, Investment Chairman
"The good news I want to share with you all is that as demonstrated in the investment in the David L McKoy business center, we would already achieve immediate returns as it will serve government offices, NGO's, and BPO's, the latter being positioned as one of the key industries to contribute to our economic recovery by offering employment to several hundred young Belizeans."

But, why the name David L McKoy? Well, he was a PUP politician, once serving his constituency of Stann Creek West. But more than that, he was instrumental in establishing the general workers union, which eventually led him to fight for the development of the social security fund as Minister of Labor.

Basically, SSB is alive because of him, and today, the DPM, Cordel Hyde, honored his legacy.

Hon Cordel Hyde, Deputy Prime Minister
"Mainly I am here to give salute and honor the name of David L Mckoy, the man whose vision it was 52 years ago to establish the social security scheme. As I said, he was way ahead of his time, 12 years before, he had been fighting for this and ultimately, it's a scheme that prevents against poverty in your older years. This was a one of a kind politician, they don't make them like that anymore. They won seven times without losing, so he must have been doing something right. But he died a poor man, at the age of 73 he had to be selling insurance. So he was the epitome of social justice and selflessness and commitment to people who need our help."

And his daughter, Lottie McKoy Gill, told us she was shocked when she heard they would be naming the building after her father - but she knows it's well deserved.

Lottie McKoy Gill, Daughter of David L McKoy
"We are honored and we are humbled to know that people have recognized my father for his humility, his integrity. He was dedicated to workers, another quality that I observed and admired about my dad was that he didn't watch color, it didn't matter to him if you were UDP, PUP, or any other P, it didn't matter your race, your religion, so that's what I would want to leave with the Belizean populace today."

The building is 48,200 square feet with four floors and hurricane proof windows.

Channel 7