Press Release - Belize Social Security
- 1st July 2003 -
The Belize Social Security Board hereby announces that,
effective today, July 1, 2003, the Social Security contribution rate
changes from 7% to 8% of weekly insurable earnings. The 1% increase is to
be equally shared by employer and employee. This increase will go towards
the Long-term Benefits Branch.
The new Contributions Schedule is available through any of
our offices countrywide. This can be used in calculating deductions from
your employees' salaries, as well as in making contributions.
Other important changes for employers to note are: 1)When
the 14th of the month
falls on a weekend or on a public and bank holiday, the deadline for
payment will now be the first working day following the
14th; the penalty
therefore would begin on the second working day, if payment has not yet
been made at that time. 2) Employers are also now required to give
employees a pay slip/receipt showing the Social Security deduction being
made from their salaries.
Employers can obtain the new Statement of Contribution (FIN
15A) at Social Security offices countrywide by July
15th, and on our web