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What Pension Changes Await Belarusians Until The End Of 2022

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What Pension Changes Await Belarusians Until The End Of 2022

Some innovations will affect the wallets of Belarusian pensioners.

Until the end of 2022, Belarusians will face some crucial pension innovations, which undoubtedly affect everyone's wallet. Changes will wait for the retired Belarusians in October 2022 and January 2023, Komsomolka reports.

Here are the changes for pensioners in Belarus:

- new pension reforms;

- an increase of minimum insurance record;

- new calculation of payments.

As for the next pension reforms, they will affect the additional funded pension from October 1, 2022. The decree on voluntary supplementary funded pension was signed in September 2021 and came into force in a couple of months.

In October, employees will be able to pay a premium for an additional funded pension - up to 10% of their salary. The employers would be obliged to transfer to this account up to 3% more.

As for the minimum insurance record growth, it rises on January 1, 2023, and will equal nineteen years. The minimum insurance record required for a pension includes only those years when the employer paid for the employee insurance premiums to the Social Security Fund. By the way, they want to increase the minimum insurance record in Belarus up to twenty years by 2025.

The Ministry of Labour explains what record is not taken into account when calculating pensions in Belarus.

Pensions will be calculated in a new way for Belarusians on January 1, 2023. So, the period, for which pensions are calculated based on wages, will be increased by one year up to 29 years (348 months) of continuous service. The Ministry of Labour reports this period increases by a year to the actual length of service.

But rumours of new pension reform, when the pension comes at age 63 for both women and men, and deductions to the pension fund of 14% of the salary, have not yet been confirmed.