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Retirement pensions in Belarus up by 10% in November

MINSK, 29 October (BelTA) – Retirement pensions in Belarus will be increased by an average of 10% in November. This will cost Br135.7 billion a month, Deputy Minister of Labor and Social Security of Belarus Valentina Koroleva told BelTA commenting on the decree on raising retirement and social pensions. This decree will cover over 2.4 million people who receive retirement pensions from the employment, labor and social security services. The average retirement pension will increase from Br555,000 in October to Br610,900 in November. The Deputy Minister noted that the increase will vary depending on each pensioner’s length of employment and salary. The maximum retirement pension of non-working pensioners having 40 years of employment (women) and 45 years of employment (men) and an individual ratio of 4.0 and higher will reach Br954,900 in November (Br864,100 in October). Working pensioners having 40/45 years of employment and an individual ratio of 1.3 and higher will receive up to Br693,150 in November (Br627,240 in October). Under the decree, an additional Br40,000 will be paid monthly to disabled children under 18, people having the first, second and third disability groups (including person disabled from childhood), children who lost a family provider. About 50,000 Belarusians are entitled to such pensions. “The Social Security Fund of the Ministry of Labor and Social Security has enough funds to increase pensions. The pensions will be paid starting from 1 November, they will be paid on time and in full,” the representative of the ministry assured. Valentina Koroleva noted that pensions have kept growing through the year 2010. In line with the instructions of the head of state, pensions were recalculated on 1 January and 1 August as the average salary had increased. Apart from that, the increase in the minimum living wage (on 1 February, 1 May and 1 August) led to the increase in minimum retirement and social pensions and additional payments to pensions. As a result, pensions have grown by 23.5% as compared with the start of the year. On 1 November, minimum retirement and social pensions will be recalculated again following the increase in the minimum living wage by 3.1%. “The spending on pensions has lately accounted for roughly 10% of GDP. In general, pensions are growing simultaneously with salaries; the ratio between the average retirement pension and the average salary exceeds 40%,” Valentina Koroleva said. She is convinced that all the pension provision targets set for 2010 will be fulfilled.

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