bs-preloader__icon
ru kz en

The Belarusian pension system

Labor pensions in Belarus include several types and the most important factor when granting of labor pension is the presence of insurance and general experience or its absence, writes Financial Literacy, the consumer portal of the National Bank of Belarus.
The Belarusian pension system

Insurance and general experience

The pension insurance record is the period, during which a person was making mandatory insurance contributions to the National Social Security Fund (NSSF). During such periods a person usually worked as an employee and received wages, from which contributions were paid, or worked as an individual entrepreneur and received income from entrepreneurial activities. Contributions to the National Social Security Fund for employees and individual entrepreneurs are mandatory. For some other categories of citizens the contributions are voluntary. For example, the self-employed are not obligated to make such contributions but can make them voluntarily and thereby accumulate insurance record. This will allow qualify for a higher pension in the future.

In addition to the insurance record, there is the so-called employment record. This is a broader definition: the length of service includes not only insurance record but additionally maternity leave, military service, study at a university or college. That is, to the insurance record (when a person worked and paid contributions to the National Social Security Fund), periods when a person could not work due to objective circumstances could be added.

Depending on the availability and duration of employment and insurance record, a person is assigned a labor or social pension upon the occurrence of certain conditions.

Labor pension

Labor pensions include various types of pensions that are due to people who have the necessary work and (or) insurance experience.

An old-age labor pension is due to citizens who have reached retirement age (now it is 62.5 years for men and 57.5 years for women) and have a total length of service of at least 25 and 20 years, respectively, and an insurance record of at least 18 years.

It is important to note that the retirement age, as well as the minimum threshold for insurance experience in Belarus are gradually increasing. Thus, in 2022, men will be able to retire at 63 years old, women at 58 years old, and the minimum insurance period for receiving an old-age labor pension will increase to 20 years by 2025. In order to get an old-age pension, three requirements must be met: age, employment (general) length of service, and insurance record.

If all three requirements are met, the citizen will receive a monthly pension, the size of which depends on how many contributions were paid to the National Social Security Fund. For some categories of citizens, an old-age labor pension is also provided for a 10-year insurance record, for example, mothers of 4 or more children who have a total experience of at least 20 years, or citizens with a total experience of 40 and 35 years for men and women, respectively.

If a man has reached the age of 65 (or a woman - 60 years), but has not accumulated the necessary length of service, a social pension in the amount of 50% of the largest subsistence minimum budget per capita for the last two quarters will be assigned.

Source: http://fingramota.by/ru/guide/practical/pension

Photos are from open sources.

Share
read also
Ways of life extension
Ways of life extension

Futurologists and transhumanists identify various possible ways to prolong human life...

Lloyd's head negatively assesses the consequences of Brexit for British insurance
Lloyd's head negatively assesses the consequences of Brexit for British insurance

The chief executive officer of the London insurance market Lloyd's Inga Beal in her i...

Great year start
Great year start

The total gross premiums of LICs including unit-linked sales increased by 149.4% to 3...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application