In line with Belarus president decree No. 35 of 16 January 2012 pensions will be recalculated starting 1 May 2012 taking into account the average salary in Q1 2012. According to the National Statistics Committee, the average salary stood at Br3,006,088, 18.2% above the figure used to recalculate retirement pensions in February 2012. As a result, the retirement pensions, which calculation does not involve the subsistence budget, will be raised by 18.2%, said the Minister.
In May minimal retirement pensions and social pensions, bonuses, additional payments for elderly people will be recalculated as well taking into account the higher subsistence budget. In prices of March 2012 the subsistence budget stands at Br743,020, 5.1% above the figure that has been in effect between 1 February and 30 April 2012. Therefore, social pensions, extra payments and bonuses will be raised by 5.1%.
Taking into account the new subsistence budget the average retirement pension will be raised by 16.9% to Br1,467,500.
The additional money required to raise pensions is available and will be allocated by the Social Protection Fund of the Labor and Social Protection Ministry. As much as Br522 billion is needed in May 2012, said Marianna Shchetkina.