Editorial

Editorial

The Social Security Board announced this week that it is running out of money!
It is losing money at the rate of a million dol-
lars a month more or less. !
About half of this million is going to pay a pension to people who have retired and are now drawing monthly sums from their Social Security insurance. This is the fastest growing area of expense because men and women are living longer and more and more pensioners are being added every year. .
In Belize there are more than 100,000 people who pay Social Security every week on what they earn. The businesses and enterprises who employ these 100,000 men and women are required by law to deduct this money from their salary and to pay it in to the Social Security Board at the end of each month.
Those who earn less than $320.00 a week
don’t have to pay Social Security. But those earn $320 or more a week must pay. Those who earn more, pay more. But there is a cap on these payments, and nobody has to pay more than $25.05 a week, no matter how much he or she may be earning. .
The thing about Social Security is that employers have to pay in some cases four times as much as employees pay. The employer has to pay for every person on his staff. This is a heavy burden which employers have to bear, and that is one reason why some employers don’t want to take on many workers. They make do by cutting staff. .
This is not good news for young people coming out of high school or college and looking for a job. .
Under the proposed changes outlined this week, employers will have to pay out more money than before. Instead of paying $16.05 a week for every high pay employee, they will have to pay $20.80 under the new proposal. This might not look like much, but it amounts to $247.00 more per year for every high pay employee. .
These are desperate times, and desperate times call for desperate measures.
One thing is sure. We cannot allow the Social Security system to collapse. So we’ve got to bite the bullet and pay the extra money to make the system work.

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