Behind the SSB’s $50 Million “Surplus”

By: Omar Silva I Editor/Publisher

National Perspective Belize I Digital 2025

www.nationalperspectivebz.com

Belize City, Saturday 23rd August 2025: The Social Security Board (SSB) paraded itself this week with its annual “Connect” forum — rolling out a five-year strategic plan, new digital features, and the headline boast of a $50 million surplus for 2024. On the surface, it looked like progress: shiny presentations, speeches about efficiency, and the promise of modernization. But when we strip away the gloss, we must ask a deeper question: Is the SSB really safeguarding workers’ benefits, or is it acting as a political piggy bank for the government and its allies?

A Surplus Paid for by Workers, Not Management Genius

Let’s be clear: the much-touted $50 million surplus did not come from brilliant investments or creative management. It came from workers and employers digging deeper into their pockets after contribution rates were increased to 10%. Add in the bump from the minimum wage hike and higher payrolls, and the picture becomes obvious — the people are paying more, not that the SSB is performing better.

Celebrating this surplus is like congratulating yourself for raising the rent on a tenant. It’s not efficiency; it’s extraction.

Politically Driven Investments

Where does this surplus go? Straight into the same narrow basket: BEL, BTL, BWS, treasury notes, and politically convenient loans. For years, SSB has doubled as a ready investor for government-owned utilities and projects linked to politically connected businessmen.

This is no accident. It’s a deliberate model that keeps government afloat and ensures elites can tap into workers’ savings for their own ventures. The fund has become an ATM for the state and its friends, with “long-term sustainability” often treated as a secondary concern.

Rotating CEOs, Same Political Strings

Another red flag is the revolving door at the top. SSB CEOs and managers are shuffled at the Ministry of Finance’s convenience. Independence? Forget it. Leadership is handpicked for loyalty to the administration of the day. Acting CEO Jerome Palma may speak the language of “good governance,” but his position — like those before him — is rooted in ministerial blessing, not the confidence of contributors.

This revolving-door management guarantees that the fund is managed to serve political agendas first, and contributors second.

Workers Pay, Elites Gain

The hard truth is this: SSB contributions are the lifeline for retirees, the sick, and the insured population. But the way the money is handled too often flips that purpose upside down. Workers are made to shoulder higher contribution rates, while the surplus they generate is recycled into government bonds, party-linked real estate schemes, and favoured businesses.

By 2028–2029, the same SSB leadership now boasting a surplus is warning that the system will hit “equilibrium” and require “adjustments.” Translation: either workers will pay more again, or benefits will shrink. Meanwhile, the political class will continue to enjoy a bottomless pool of capital drawn from workers’ sweat.

The Real Debate Belize Needs

Belizeans must decide: Do we allow SSB to remain a political piggy bank dressed up as a social safety net, or do we demand structural reform that makes the fund truly accountable to contributors?

A surplus that comes from squeezing workers while enriching the state and its favoured few is not progress. Its exploitation dressed up as achievement. The SSB’s true mandate is to protect the people who pay into it — not to serve as a convenient bank for politicians and their business allies.

If this “Connect” forum was meant to build trust, it has only raised sharper questions. Belizeans deserve answers — and more than that, they deserve a Social Security system that works for them, not against them.