By Belize Live News Staff: The Social Security Board has defended its decision to invest $10 million of contributors’ funds in Heritage Bank, stating that the move is both safe and strategic.
The funds will be placed in a two-year fixed-term deposit at 2.75 percent interest, generating an estimated $275,000 per year.
SSB says the investment is designed to earn returns on funds that would otherwise yield little to no interest, while preserving liquidity by splitting the deposit into multiple tranches.
According to SSB, there were no objections to the investment, and it has already been finalized.
The Board stressed that earnings from the deposit will strengthen the Social Security Fund and ensure continued payments of pensions, disability benefits, sickness benefits, and other entitlements.
With thousands of Belizean workers and employers contributing monthly, SSB says safeguarding and growing the fund remains a top priority.
