Belize's pension system is one of the youngest in Latin America and the Caribbean (LAC), having been established in 1979. The Social Security Board (SSB) is the first pillar in the pension ecosystem, providing retirement benefits for all contributing employees (contributions are mandatory for all formally employed people). Complementary schemes include the School Teachers' Pensions, the National Assembly Pensions, and the Central Bank of Belize Pension Scheme. The SSB is a contributory, partially funded, defined benefit scheme that is based on a scaled premium system. Reserves are invested according to the Social Security Act of Belize, which provides a general structure for the investment process, defining categories of investment, benchmarks, and investment limits. However, previous assessments have revealed that the investment policy is not specific enough to make the investment process clear and the governance is weak, which leads to less than optimal performance and coverage [1]. In general, a raise in the minimum wage could lead to more contributions to the SSB and raise future benefits for retirees.