Average and Minimum Pension Sizes for Individual Entrepreneurs Announced
However, if an entrepreneur, throughout the minimum insurance period (20 years), made contributions based only on the minimum wage, then they can expect only 600 rubles.
The size of the pension for individual entrepreneurs in Belarus directly depends on their length of service and the income from which contributions were paid to the fund's budget. The Ministry of Labour and Social Protection explained how these payments are formed, writes Office Life.
According to the ministry, the average old-age pension is 1125 rubles.
However, if an entrepreneur, throughout the minimum insurance period (20 years), made contributions based only on the minimum wage, then they can expect only 600 rubles.
The contribution amount itself is tied to the minimum wage, which as of January 1st is 858 rubles. Monthly, 35% of this amount must be paid. The tariffs are divided: individual entrepreneurs, lawyers, and notaries contribute the full 35%, which includes pension and social insurance. Craftsmen, owners of agro-estates, and single-tax payers contribute only 29% for the pension portion.
For entrepreneurs working under income tax, there is an important nuance. If their actual income is less than 12 minimum wages of last December, then 35% is paid from the real earnings. If the income is above this threshold, then contributions are calculated based on a maximum of 12 minimum wages.
Periods of work for which contributions to FSSN (Social Protection Fund) were not made at all, or were paid below the minimum amount, will either not be counted towards the insurance period or will be included with a reducing coefficient.
To form higher payments, individual entrepreneurs are recommended to make contributions from income exceeding the minimum wage.
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