Br2.5 billion is provided to increase pensions in 2023, while Br18.8 billion will be allocated to pay pensions in the new year, BelTA informs. The work pensions will be raised in coordination with the growth of wages and inflation, but not less than once a year. Social pensions, raises, allowances and supplements to pensions will be recalculated quarterly (February 1, May 1, August 1 and November 1), following the growth of nominal salary.
Since January 2023, there have been a number of changes in the calculation of pensions. In particular, the insurance period (length of service with the payment of insurance contributions to the Social Security Fund) increased by 6 months to 19 years. Annually increasing by half a year, in 2025 it will reach 20 years. This length of service is mandatory for granting a retirement pension and a long-service pension. Women retire at the age of 58 years, men at 63 years.
On October 1, 2022 a new program of additional pension savings was launched with financial support from the state ("three plus three"). More than 9 thousand Belarusians have already taken part in it.
