Belize Social Security Retirement Benefit : socialsecurity.org.bz

Organization : Belize Social Security Board
Facility : Retirement Benefit
Country : Belize
Website : https://www.socialsecurity.org.bz/long-term-retirement-benefit/

What is Retirement Benefit?

Retirement Benefit (Grant or Pension) is paid to insured persons who are 65 years of age (and older) or 60 to 64 and not employed. In 2002 existing pensions were increased by at least 20%. Minimum pensions have increased from $1,820 to $2,444 yearly. All new pensions are more substantial and realistic.

Related / Similar Facility : Belize Social Security Invalidity Benefit

Who Can Apply For Retirement Benefit?

You Must:
** Be an insured person: between 60 and 64 years and not employed; or 65 years or older (whether employed or not)
** Have a total of 500 paid and credited contributions (Contribution Requirement for a pension)
** Have 150 paid contributions
** If the contribution requirement is not met, a Retirement Grant is paid.
** A minimum of 26 paid contributions is required for a Retirement Grant to be paid.

How To Apply For Retirement Benefit?

Claims for Retirement Benefit must be submitted to the Social Security Board within thirteen weeks from the date immediately after retiring from employment or proves that he/she is no longer substantially employed. Claims submitted after thirteen weeks must be accompanied by a note stating reason for lateness.

Download Application Form : https://www.statusin.org/uploads/pdf2025/72385-Form.pdf

Requirements of Retirement Benefit

** Submit completed claim for Retirement Benefit on prescribed form(RB1)signed and dated by the insured person
** Present Social Security card, passport or birth certificate when making claim
** Provide summary of employment history on prescribed form (ED1)
** Must provide bank account or an account number from any other financial institution.
** Claimants 60-64 years must submit written declaration stating that he/she is not employed. Should claimant 60-64 return to work he/she needs to inform Social Security and declare salary and method of pay (hourly, daily, weekly, monthly)
** If 65 years old, submit claim within 13 weeks after 65th birthday. If 60-64 years, submit claim 13 weeks after date employment ceased.
** If claim is not submitted within the required 13 weeks a good reason must be given by the insured contributor
** No sum shall be paid for any period more than 26 weeks before the date on which the claim is made

Rate and Payment of Retirement Benefit

Formula:
Sum of Insurable Earnings in best 3 years of contributions ÷ 150 x 30% = weekly pension

Pension obtainable accumulates:
** First 10 years at 3% per year = 30%
** Next 5 years at 2% per year = 10%
** Next 20 years at 1% per year = 20%

Maximum pension payable:
60% of average weekly insurable earnings.

Minimum Pension is:
$47.00 weekly

The pension is for:
the lifetime after age 65 of the insured person.

Payment of benefit starts:
as of 65th birthday; If claimant is 60-64 years, the payment of benefit starts as of the following day when employment ceased.

A person can get a:
maximum pension after 35 years of contributions to the Scheme.