Social Security Board (Belize)

The Social Security Board (SSB) of Belize is a statutory body established to administer the Social Security Scheme, a comprehensive social insurance program that provides benefits to eligible Belizean workers and their families in the event of sickness, maternity, invalidity, retirement, or death. The SSB is governed by the Social Security Act, and its operations are overseen by a board of directors composed of representatives from government, employers, and employees.

The primary function of the SSB is the collection of contributions from employers and employees, which are then used to fund the various benefits offered by the Scheme. These benefits aim to provide financial assistance and security to contributors and their dependents during periods of vulnerability.

The key benefits provided by the Social Security Scheme in Belize include:

• Sickness Benefit: Provides income replacement for insured persons who are temporarily unable to work due to illness.
• Maternity Benefit: Offers financial support to insured women during and after childbirth.
• Invalidity Benefit: Provides long-term financial assistance to insured persons who are permanently unable to work due to a physical or mental impairment.
• Retirement Benefit: Offers a pension to insured persons upon reaching retirement age.
• Survivors’ Benefit: Provides financial support to the dependents of insured persons who have died.
• Employment Injury Benefit: Covers injuries sustained at work.

The SSB plays a crucial role in the social safety net of Belize, contributing to the economic well-being and security of the nation's workforce. In addition to administering the Social Security Scheme, the SSB also invests its reserve funds in various sectors of the Belizean economy, contributing to national development. The Board's investment strategies are guided by principles of prudence and diversification to ensure the long-term sustainability of the Scheme and the security of benefits for future generations.