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24 June 2022, 12:19

Belarus to introduce new retirement savings plan on 1 October 2022

MINSK, 24 June (BelTA) - A new retirement savings plan with financial support from the government will be introduced in Belarus on 1 October 2022, Belarusian Deputy Prime Minister Igor Petrishenko said at a joint meeting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 24 June, BelTA has learned.

“Today along with the state pension it is very important to develop other components, such as corporate pension programs, a system of individual retirement savings. A new retirement savings plan with financial support from the government - the so-called “3+3” program - will be introduced on 1 October 2022. Its implementation will not increase the financial burden on employers. The participants in this program will receive co-financing of their future accumulated pension from the government, while the economic sector will get an additional investment resource, which is extremely important in the current conditions,” Igor Petrishenko said.

Every fourth Belarusian is a pension recipient today. In 2022, more than Br16 billion, or about 9% of GDP, will be allocated to pay pensions. In order to maintain the level of income of pensioners, labor pensions were revised upwards by 7% on 1 March. The average age pension of a non-working pensioner today is Br583, or about 40% of the country's average salary.

“The decision to further increase pensions will be made taking into account the economic situation in the country and the growth of workers' salaries in the first place. As you know, the payments of the working people form the major part of the social security fund budget,” the deputy prime minister said.

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