On voluntary insurance of an additional funded pension

In 2024, specialists from the Vitebsk regional department of the Social Protection Fund of the Population (the Fund) and the Committee for Labour, Employment and Social Protection of the Vitebsk Regional Executive Committee conducted extensive information and awareness campaigns on the voluntary insurance of additional funded pensions within the framework of Decree of the President of the Republic of Belarus No. 367 of September 27, 2021, "On Voluntary Insurance of Additional Funded Pensions".

What makes the voluntary insurance system for additional funded pensions attractive to employees?

There are several positive aspects:

- By participating in voluntary insurance of additional funded pensions, citizens gain a simple and accessible way to increase their income in old age; - it is important that part of the employee's additional pension savings is formed through state funds; - employees are entitled to a social tax deduction for the amount of insurance contributions paid by the employee for future funded pensions, i.e., an income tax benefit; - the possibility of inheriting pension savings; - a guarantee of the safety of pension savings, as the state guarantees insurance payments under insurance contracts concluded with the Republican Unitary Insurance Enterprise "Stravita".

According to departmental reporting as of January 1, 2025, submitted by payers in the Vitebsk region to the Fund, 740 organizations in the region make insurance premium contributions to RUE "Stravita" into personal accounts of 4,350 employees participating in the new voluntary insurance program for additional funded pensions with state financial support.

Among the regions of the oblast, the leaders in the number of employees with additional pension savings are:

Novopolotsk city – 1,313 participants;
Oktyabrsky district – 816 participants;
Orsha district – 572 participants;
Polotsk district – 407 participants.
The top 5 enterprises whose employees actively participate in the new pension program are:
OJSC "Naftan" – 705 employees;
RUE "Vitebskenergo" – 242 employees;
OJSC "Polotsk-Steklovolokno" – 150 employees;
UP "Vitebskoblgaz" – 145 employees;
RUPTP "Orsha Linen Mill" – 52 employees.