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15 Jan 2020

Family capital deposits worth $783.3m opened in Belarus

Family capital deposits worth $783.3m opened in Belarus
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MINSK, 15 January (BelTA) – As of 1 January 2020, over 78,300 family capital deposits worth more than $783.3 million were opened in Belarus, BelTA learned from the Labor and Social Security Ministry.

The family capital program is a long-term and effective measure to support families with many children. “As of the start of this year, 78,330 accounts were opened at Belarusbank – that is how many families took advantage of the family capital program. A total of $783.3 million was deposited on their accounts. In 2019 alone 15,461 accounts with an aggregate $154.61 million were opened,” the ministry informed.

The program has been running since 2015. All in all 11,581 accounts were opened in 2015 ($115.81 million), 18,982 in 2016 ($189.82 million), 16,840 in 2017 ($168.4 million), and 15,466 in 2018 ($154.66 million). Family capital becomes available once a child turns 18. The money can be used to improve housing conditions, get education, social services and healthcare services, or be deposited to a mother's pension account.

The program was supposed to expire on 31 December 2019, but its effectiveness prompted the country to extend the program for another five years and review the provisions under which families can use family capital.

After 1 January 2020, family capital equals Br22,500. It can be claimed after the birth or adoption of a third or subsequent child in the period from 1 January 2020 to 31 December 2024. After 1 January 2021, the amount  of family capital will be revised upwards annually taking into consideration the consumer price index in the previous year.

Starting from the new year, family capital can be used before the child turns 18. This can be done to improve housing conditions, but it applies only to families who are on the register of people in need for better housing. Family capital can be used earlier to pay for university or vocational training, or for some medical services.

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