MINSK, 18 December (BelTA) – Retirement pensions are expected to grow by over 14% in Belarus in 2019, BelTA learned from Belarusian Labor and Social Protection Minister Irina Kostevich on 18 December.
According to the source, instructions have been given to raise the average retirement pension up to 40% of the average salary. “The average growth rate of retirement pensions will be over 114% per annum to make it happen,” said Irina Kostevich.
Asked how many times pensions will be raised in 2019, the official explained it will depend on revenues of the state budget.
Pensions tied to the subsistence budget will be recalculated. Child care allowance will be raised.
The House of Representatives of the National Assembly of Belarus gave the first and second readings to the draft budget of the social security fund on 18 December. Presenting the relevant bill before the MPs, Irina Kostevich said that revenues of the social security fund are expected to reach Br15 billion while expenses will be Br14.8 billion. Most of the money will be spent on pensions – 77.5% (Br11.5 billion, 7.9% up). On the whole, revenues of the social security fund will exceed expenses by Br223.7 million thanks to occupational pension insurance money.
On 18 December the lower chamber of the Belarusian parliament also gave the first reading to the bill on the central state budget, which focus on social security will be more pronounced in 2019, and to the updated Tax Code. The parliament also gave the second reading to a number of other bills such as amendments to some laws on border security. The House of Representatives of the National Assembly also ratified the agreement on trade and economic cooperation between the Eurasian Economic Union and its member states on one side and China on the other side.
