BELMOPAN, Belize, May 8, CMC – The Social Security Board (SSB) says it has invested more than BDZ$130 million (One BDZ$=US$0.49 cents) so far this year into major real estate projects. The SSB said that the two biggest drivers of those investments were Hydro Belize shares and bonds.
“So from January one to April 30th , we have now invested an additional BDZ$130 million for 2026 alone. We have never done that number in any year,” said SSB general manager of finance and investment, Leo Vasquez.
“The hydro Belize equity is really our shares investment. We have invested BDZ$1.4 million in Hydro Belize shares. And we have invested BDZ$42.5 million at six per cent in Hydro Belize bonds.”
Hydro Belize replace Fortis, a diversified leader in the North American regulated electric and gas utility industry that came out to the market in Belize, with Vasquez saying the move “presented an opportunity for us, where the power, where energy is the source, not the distributor.
“But this is when hydro Belize funds 100 per cent or supplies 100 per cent of its energy to BEL (Belize Electricity Limited). So the 1.4 million shares investment will give us 30 per cent for two seats on the board. And of course, then the 42.5 is a six per cent year on year return.
“And then we get the 42.5 back at the end of the 20 years, unlike the shares investment. Well, we expect that because we expect that to earn about four million dollars per year in terms of dividends. And we plan to keep that for a lot longer than 20 years,” he added.
Meantime, after weeks of nationwide consultations, the SSB is reportedly examining a major shift in how contributions are calculated. The proposal would move away from fixed wage bands to a percentage-based system, while also raising the minimum contribution.
Officials say the talks, held with government, unions, employers, and workers, are part of a broader effort to modernise the system.
“The feedback is showing us that as much as ideally administratively having one band, one floor, ceiling, and one rate administratively is the most efficient. We also recognise that the BDZ$130 is not going to then be for full time employees, because there’s nobody who’s going to be working for a 40 hour work week at a minimum wage of five dollars that’s going to be earning DEZ$130,” said the chief executive officer of the CCB, Jerome Palma.
“So we do recognize by legislation that those persons who are part time working a number of hours can participate. Based on the numbers that we have on the band system, we recognize 130 as perhaps a more ideal point to be on. It was not rigid in that sense, but we recognize where 130 was a bit of the sweet spot, if I could call it that.”
SSB says the current wage-band system creates extra paperwork and calculations for both businesses and the board itself. In fact, Belize is one of only four countries in the world still using this system.
However, the initial proposal suggested one flat percentage base across all incomes. The suggested percentage splits as shown, with the initial lean towards the Caribbean Community’s (CARICOM) standard of 5.41 per cent by employers and 4.59 per cent by employees.
“The feedback is guiding us that there is still a hope that we have at least three tiers for the lower income, where the employer is contributing at a higher rate than at the higher income, and then somewhere in between. So that’s a lot of the feedback.
“That’s why we’ve gone through the consultation process. That is what the results is showing us, that there’s still an expectation that at least three tiers, a low income, a high income, and then somewhere in between. So that we will now factor in, in terms of determining what our final proposal will start to look like,” Palma added.
CMC/ah/ir2026