Belarusians will be able to save for second pension: how it works and what are the conditions for participation in the program?

Deputy Minister of Labor and Social Security of Belarus Marina Artemenko told about the new mechanism of voluntary pension insurance and the amounts of additional income. 

"The mechanism is simple and clear. From each salary, the employee contributes a certain fee, and the state for its part through the employer contributes its share of up to 3%. Such contribution from the employee can be up to 10%, i.e. in total it could be 13%. Meanwhile, there is no additional financial burden on the employer.

Marina Artemenko argues that there are certain conditions for participation in this program. "Firstly, the employee should be subject to compulsory social insurance. Secondly, it is necessary to join this program not less than three years before reaching a specified retirement age," explained the Deputy Minister.