Voluntary insurance of additional funded pension is being introduced in Belarus

Since October 1, 2022, an additional type of pension insurance is being introduced — voluntary insurance of an additional funded pension with financial support from the state, writes pravo.by with a link to the website of the Ministry of Labor and the Decree of the President of Belarus No. 367.

The employee enters into a contract with the Stravita insurance company and directs his pension savings in the amount of 1 to 10% of earnings. The employer makes the same contribution, but no more than 3%. 

Stravita Company will invest savings and pay a pension for 5 or 10 years after reaching retirement age.

The introduction of the program will expand opportunities for citizens to form additional savings for old age. In addition, the funds of citizens participating in the new insurance will be used in the development of the economy.

Follow us on Facebook, LinkedIn!

Photo: wp.com