BELARUS: voluntary pension insurance to be launched from October 1, 2022

28 September 2021 —
In Belarus, voluntary pension insurance will be launched from October 1, 2022. On September 27, President of Belarus Alexander Lukashenko signed a decree "On voluntary insurance of additional funded pension", BELTA reports citing the press service of the head of state.

The document stipulates that from October 1, 2022, employees are given the right to pay an additional insurance contribution for a funded pension in the amount of up to 10% of wages (in addition to the mandatory insurance contribution to the budget of the Social Protection Fund in the amount of 1% of wages).

Working citizens who have at least 3 years left before reaching the generally established retirement age will be able to participate in the new insurance system. They will receive the accumulated funds back in equal monthly installments for 5 or 10 years.

Voluntary pension insurance will be provided by STRAVITA insurance company, which is currently engaged in voluntary life and supplementary pension insurance.