On voluntary insurance of an additional funded pension

In 2024, specialists from the Vitebsk Regional Department of the Social Protection Fund of the Population (the Fund) and the Committee for Labor, Employment and Social Protection of the Vitebsk Regional Executive Committee conducted large-scale information and explanatory work on the topic of voluntary insurance of an additional funded pension within the framework of Decree of the President of the Republic of Belarus No. 367 of September 27, 2021 "On voluntary insurance of an additional funded pension".

What makes the voluntary insurance system for an additional funded pension attractive to an employee?

There are a number of positive aspects:

  • by participating in voluntary insurance of an additional funded pension, citizens receive a simple and accessible way to increase their income in old age;

  • it is important that part of the employee's additional pension savings is formed at the expense of state funds;

  • the employee is granted the right to a social tax deduction for the amount of insurance contributions paid at the employee's expense for a future funded pension, i.e., an income tax benefit;

  • the possibility of inheriting pension savings;

  • a guarantee of the safety of pension savings, as the state guarantees insurance payments under insurance contracts concluded with the Republican Unitary Insurance Enterprise "Stravita".

According to departmental reporting as of January 1, 2025, submitted by payers in the Vitebsk region to the Fund, 740 organizations in the region make insurance premium contributions to RUISP "Stravita" to personal accounts of 4,350 employees participating in the new voluntary insurance program for an additional funded pension with state financial support.

Among the regions of the oblast, the leaders in terms of the number of employees with additional pension savings are:

  • the city of Novopolotsk - 1,313 participants;

  • Oktyabrsky district – 816 participants;

  • Orsha district – 572 participants;

  • Polotsk district – 407 participants.

  • Top 5 enterprises whose employees are actively participating in the new pension program are:

  • OJSC "Naftan" - 705 employees;

  • RUE "Vitebskenergo" - 242 employees;

  • OJSC "Polotsk-Steklovolokno" - 150 employees;

  • UP "Vitebskoblgaz" - 145 employees;

  • RUE "Orsha Linen Mill" - 52 employees.