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GOB Pulls Back SSB Increase #554619
12/21/21 05:17 AM
12/21/21 05:17 AM
Joined: Oct 1999
Posts: 83,548
oregon, spr
Marty Offline OP

Marty  Offline OP

The 1% increase to your Social Security contribution has also been delayed.

Belizeans were bracing themselves for a smaller paycheck next month - which would be compounded with pay cuts that both the public and private sector have had to endure. But now they've got three more months before that increase comes into effect. This change comes after the government was adamant about implementing the increase - saying that it was absolutely necessary. And it is, but, now, they've once again backtracked. We asked the PM for the reason today.

Hon. John Briceno, Prime Minister
"Cabinet, after further discussions we felt that we want to put it aligned with the financial year which starts in April, so we know that this decision was done before we got into government in 2019 and it was done after extensive consultations with the private sector, with labor, with employees - with everybody, because the truth of the matter is that the social security funds were drying out, we are reaching at a point called equilibrium. It simply means that every dollar you collect you are paying out a dollar and we have to make sure that we could have enough in reserves, in the fund so that when you retire, you'd be able to get something. It is then we decided that okay we will proceed with the 1% and then decided to take one step even further to be able to move it to April at the start of the fiscal year."

"The important part of what social security is doing is increasing th bands of the amount that you can insure, your earnings and so I think it's going to go up as much as $500 a month and that will help a lot of public officers, a lot of people in the private sector that are earning $2,000 or more a month that they will be able to have even a bigger retirement payment when that time comes."

"Sir, this isn't the first time the government has backtrack on something. I remember one time initially Michel Chebat had said you need a vaccine to go in every building to only government buildings, then public officers need to get vaccinated by December 15th - that was backtrack as well. Don't you feel it makes the government look wish washy to constantly backtracking on things like this?"

Hon. John Briceno, Prime Minister
"And its not going to be the last time we are going to backtrack. As a government we need to be able to be responsible enough. See that's the problem when you manage from a point of arrogance that you know everything. We can make certain decisions and then after that when we reflect and we discussed with other people realize that maybe we should push it back, maybe we should tweak and change it. Thats what a good government is about, about listening and trying to come with with the right formula, with the right positions, with the right actions that need to be taken. So ist not going to be the last time that we are going to change our minds."

Channel 7

Re: GOB Pulls Back SSB Increase [Re: Marty] #554663
12/23/21 05:22 AM
12/23/21 05:22 AM
Joined: Oct 1999
Posts: 83,548
oregon, spr
Marty Offline OP

Marty  Offline OP
Social Security Makes Deferral of Contributions Increase Official

On 14th December - Social Security made it official: it had Cabinet's blessing to proceed with its schedule of increased contributions starting in January of 2022.

8 days later, Social Security today issued a sheepish press release saying that the date is being pushed back. Contributions are now going to be increased on Monday April 4, 2022.

The contribution reform began back in 2019, but the 2021 increased was deferred for a year due to COVID. That deferral will now go up to 15 months - which coincides with the start of the new fiscal year.

Channel 7

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