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SSB Hoping Deferred 1% Increase in Contributions Can Begin Soon The shortfall that Cansino spoke of and the huge payouts it has had to make have placed SSB in a precarious position. Now that the economy is gradually rebounding, SSB says the planned one percent increase that was deferred due to COVID is needed even more than it was in pre-COVID times. | News 5 Live
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SSB had a shortfall of $20M largely due to tourism down-turn And while SSB was able to keep its services running for its customers, it did not meet its budgetary projections for collections last year. Cansino explained that SSB makes these projections based on employers’ contributions from year to year. Coupled with that, SSB had to pay out huge amounts for COVID illnesses. | News 5 Live
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SSB Says Number of Insured Persons Now Over 107,000 It’s been around since 1981, collecting contributions from the working class and returning it to them as sickness or retirement benefits. Now the Social Security Board has transitioned from manual records-keeping to a modern, digital database that provides information and answers with the click of a button online. But as the organization adapts to the changing times, it must also be financially viable to be able to pay its growing number of pen
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