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27 Jun 2018

Higher retirement age adds some Br100m to Belarus’ state social security budget in 2017

MINSK, 27 June (BelTA) – The state social security fund of the Belarusian Labor and Social Protection Ministry received an additional Br100 million in 2017 thanks to the higher retirement age, BelTA learned from Lyudmila Nizhevich, member of the Budget and Finance Commission of the House of Representatives of the National Assembly of Belarus, on 27 June.

However, revenues of the state social security fund are not expected to increase in leaps and bounds because the retirement age in Belarus is supposed to increase gradually. But the state social security fund received some Br100 million extra in 2017.

In 2017 the state social security fund received Br12.5 billion and disbursed Br12.3 billion. The targeted figures were revised in the course of executing the budget: revenues went down by Br478.4 million and expenses dropped by Br399.7 million. The surplus totaled Br197.8 million.

On 27 June the lower chamber of the Belarusian parliament gave the first reading to the bill on approving the report on executing the state social security fund’s budget in 2017. The same procedure was used to adopt a package of budget documents: bills on approving reports on executing the central state budget and the state civil aviation budget in 2017.

Retirement age in Belarus was raised on 1 January 2017. The relevant presidential decree provides for raising the retirement age by six months every year up to 63 years for men and 58 years for women.

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