How the payment of insurance contributions will affect future pensions
The Vitebsk regional department of the Social Protection Fund of the Ministry of Labour and Social Protection of the Republic of Belarus reminds that, in accordance with current legislation, the formation of work experience for pension assignment occurs on the condition of paying mandatory insurance contributions to the Fund's budget.
Since January 1, 2019, self-employed individuals have been granted the right to voluntarily participate in securing their pension future (the right is established by Decree of the President of the Republic of Belarus No. 500 of December 27, 2018 "On State Social Security").
To form their pension future, a self-employed individual must:
· register with the Fund's office at their place of residence;
· pay mandatory insurance contributions;
· submit documents to the Fund's office.
The income from which mandatory insurance contributions are calculated and paid will be taken into account when calculating the pension, and the periods of contribution payment will be included in the insurance record for its assignment.
In the Republic of Belarus, a phased increase in the work experience required for pension assignment with payment of mandatory insurance contributions to the Fund's budget – insurance record – is being implemented until 2025 (2020 – 17.5 years, 2021 – 18 years, 2022 – 18.5 years, 2023 – 19 years, 2024 – 19.5 years, 2025 – 20 years).
Detailed information can be obtained from the district departments of the Social Protection Fund at the place of registration.