Second pension!
A new type of pension insurance has been introduced in the Republic of Belarus – voluntary insurance of an additional funded pension with state financial support!
The new voluntary pension program is a future additional source of income for citizens, which will supplement the guaranteed state labor pension for old age and does not affect state obligations under the solidarity pension system.
Working citizens who pay mandatory insurance contributions and are younger than the following age are eligible to participate in this program: women – 55 years old, men – 60 years old.
An employee who decides to participate in this insurance enters into an agreement with the state enterprise "Stravita". An application can be submitted and an agreement can be concluded by visiting the office of this enterprise in person or on its website.
The employee chooses the contribution rate themselves, but not more than 10% of the actual earnings. That is, along with the 1% mandatory insurance contributions for pension insurance to the fund's budget, the employee will voluntarily pay an additional contribution for the funded pension at the chosen rate.
Upon conclusion of the agreement, the employee must notify their employer and provide a copy of the certificate of additional funded pension insurance.
Then, the employer joins the payment of contributions, who will be obliged to pay an insurance contribution for the funded pension – commensurate with the employee's contribution rate, but not more than 3%. For example, if an employee chooses a contribution rate for the funded pension of 3% ofof salary, the employer also contributes 3%. As a result, this employee's savings for a funded pension will amount to 6% of their salary.
At the same time, the employer's expenses for paying pension contributions to the fund's budget do not increase. This is where state co-financing of individual savings for citizens' future pensions lies.
The employee has the right to change the insurance tariff rate, suspend (resume) participation in voluntary funded pension insurance once a year.
Additional contributions from the employee for a funded pension, upon their application, will be monthly transferred by the employer itself.
The employee is granted a tax benefit when calculating income tax on the amount withheld from their salary for transfer to the state enterprise "Stravita".
The additional funded pension will be paid upon reaching retirement age from the accumulated contributions and income from their investment. The duration of receiving the additional funded pension is 5 or 10 years – at the employee's choice.
The accumulated and unpaid amount of the funded pension is inherited.
"Caring for one's future pension should become a habit for everyone. Only in this case can one have a comfortable level of income in old age, allowing for a lifestyle that corresponds to«personal expectations».
Vitebsk Regional Department of the Social Protection Fund of Labor
The new voluntary pension program is a future additional source of income for citizens, which will supplement the guaranteed state labor pension for old age and does not affect state obligations under the solidarity pension system.
Working citizens who pay mandatory insurance contributions and are younger than the following age are eligible to participate in this program: women – 55 years old, men – 60 years old.
An employee who decides to participate in this insurance enters into an agreement with the state enterprise "Stravita". An application can be submitted and an agreement can be concluded by visiting the office of this enterprise in person or on its website.
The employee chooses the contribution rate themselves, but not more than 10% of the actual earnings. That is, along with the 1% mandatory insurance contributions for pension insurance to the fund's budget, the employee will voluntarily pay an additional contribution for the funded pension at the chosen rate.
Upon conclusion of the agreement, the employee must notify their employer and provide a copy of the certificate of additional funded pension insurance.
Then, the employer joins the payment of contributions, who will be obliged to pay an insurance contribution for the funded pension – commensurate with the employee's contribution rate, but not more than 3%. For example, if an employee chooses a contribution rate for the funded pension of 3% ofof salary, the employer also contributes 3%. As a result, this employee's savings for a funded pension will amount to 6% of their salary.
At the same time, the employer's expenses for paying pension contributions to the fund's budget do not increase. This is where state co-financing of individual savings for citizens' future pensions lies.
The employee has the right to change the insurance tariff rate, suspend (resume) participation in voluntary funded pension insurance once a year.
Additional contributions from the employee for a funded pension, upon their application, will be monthly transferred by the employer itself.
The employee is granted a tax benefit when calculating income tax on the amount withheld from their salary for transfer to the state enterprise "Stravita".
The additional funded pension will be paid upon reaching retirement age from the accumulated contributions and income from their investment. The duration of receiving the additional funded pension is 5 or 10 years – at the employee's choice.
The accumulated and unpaid amount of the funded pension is inherited.
"Caring for one's future pension should become a habit for everyone. Only in this case can one have a comfortable level of income in old age, allowing for a lifestyle that corresponds to«personal expectations».
Vitebsk Regional Department of the Social Protection Fund of Labor