Labour pensions in Belarus will be increased by an average of 5% from December 1 of the current year. The corresponding decree was signed by the President of Belarus, Alexander Lukashenko, on October 13 of the current year, according to BELTA.
Labour pensions in Belarus will be increased by an average of 5% from December 1 of the current year. The corresponding decree was signed by the President of Belarus, Alexander Lukashenko, on October 13 of the current year, according to BELTA.
Funds for financing pension payments are allocated from the state off-budget social protection fund of the population. Additional expenses for these purposes from December will amount to Br37.9 million per month, as informed by the Ministry of Labour and Social Protection.
According to Decree No. 364, from December 1 of the current year, the average wage of employees in the republic, used in the previous recalculation of pensions, will be adjusted with an increase of 5.5%, and a corresponding recalculation of labour pensions will be carried out.
According to specialists, the average wage used in the previous recalculation of labour pensions was Br593.47. This figure, taking into account the 5.5% indexation, amounts to Br626.11. Based on this amount, the recalculation of labour pensions from December 1 will be carried out.
As a result of the recalculation, from December 2016, labour pensions are estimated to increase by an average of 5%. The average pension in nominal terms will be Br298.19. The amount of pension increase for each pensioner will depend on individual parameters of work experience and the amount of earnings before applying for the pension, as emphasised by the ministry.
There are 2.6 million pensioners registered with the labour, employment and social protection authorities.