19 February 2020, Wednesday, 22:15
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Belarusians Get Into "Pension Trap"

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Belarusians Get Into "Pension Trap"
PHOTO: BYMEDIA

A minimum of 17.5 years of pension insurance record is required this year to receive a work pension.

Only according to official data, there were 3,586 people in Belarus on January 1, 2020, who receive social pensions due to lack of pension insurance record. Now it's Br115.92 (half of the minimum subsistence budget) per month. This was reported in the Ministry of Labor and Social Security.

To receive a work pension, one must have at least 17.5 years of pension insurance record. It includes periods of work with payment of insurance contributions to the Social Security Fund. Those who do not have enough years of insurance experience can only receive a social pension. As of 1 January 2015, it will be granted from the age of 65 for men and from 60 for women.

As far back as in 2013, the length of service required to receive a work pension was 5 years. As of 1 January 2014, it was increased to 10 years, and 15 years later, and starting from 1 January 2016, the length of service is increased by six months each year until it reaches 20 years. This will happen in 2025. Due to the fact that the length of service has increased quite sharply, some Belarusians have fallen into the so-called "pension trap". But the Ministry of Labor notes that people, who had no insurance experience at all or less than required, existed until January 1, 2014, when only 5 years of pension insurance record was enough.

- Thus, on January 1, 2014, the number of recipients of social pensions without the required length of service and, accordingly, the right to a work pension , was 3097 people, - the department commented.