Voluntary pension insurance in Belarus will start working in 2022

The system of voluntary pension insurance in Belarus may be launched on October 1, 2022. This information was shared by the Minister of Labor and Social Protection Irina Kostevich on the air of "Belarus-1", minsknews.by reports.

She stressed that some Belarusians already use this program, but their number does not exceed 5% among the entire working population, while the rest of the country's residents prefer a solidary pension system.

From October 1, 2022, employees will be able to pay an additional insurance payment for a funded pension up to 10% of earnings. Today, the employer must transfer 1% of the salary to the budget of the Social Protection Fund of the Population.

According to the minister, “Stravita” can become the operator of the system. Kostevich claims that the state will be able to guarantee the safety of the accumulated funds. In addition, she said that today more than 90% of people who agreed to voluntary insurance chose “Stravita”.

The draft decree also provides for a capitalization mechanism, it will be based on inflationary moments possible during the accumulative period.

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Photo: grodnonews.by