Higher Retirement Age Could Mean Higher Retirement Benefits
The current age of retirement is from fifty-five to sixty-five, but with an increased rate of life expectancy in Belize, that number might be subject to change. But, this might not be implemented any time soon because according to Prime Minister, John Briceño, it is still in discussion. However, PM Briceño concedes that upping the retirement age to at least seventy will be beneficial as pensioners and members of Social Security will have more years of contribution and this will increase their retirement benefits.
Hon. John Briceño, Prime Minister of Belize: “I think that’s something that’s in discussion it has not come up to me yeah but the truth of the matter is that Belizeans are living longer so obviously the retirement age has to change because now we are living longer that’s what Social Security is all about and so we have to be able to take a look at that. But I have not received anything from Social Security.”