Gap between high and low-wage Belarusian regions will increase

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April 22, 2016 19:37

According to the National Statistics Committee, in October 2015, while nominal wages reduced by BYR 25,400 on average throughout the country, in 10 lowest paid regions – by BYR 155,700. In regions with higher wages, wages fall slower due to the presence of highly profitable companies with a sustainable market niche. The overall decline in wages in Belarus will continue. The Vitebsk and Mogilev regions may face a rapid decline in retail turnover, a rise in unemployment, and a higher number of bankruptcies among state-owned enterprises. Amid fewer employment opportunities on foreign markets, domestic labour competition will increase, leading to costs reduction by enterprises thanks to wage cuts and, hence, better competitiveness of some domestic products on foreign markets.

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Number of citizens excluded from social security system would be expanded
October 02, 2017 12:24

The Labour and the Tax Ministries are considering the possibility to include persons engaged in some economic activity without forming a legal entity in the social security system. When the decree No 337 comes into effect, the number of private entrepreneurs is likely to reduce due to the possibility of reducing the tax burden when switching to a tax payment as an individual. 95% of self-employed, including PE, pay insurance premiums on the basis of the minimum wage. The number of self-employed citizens is expected to increase, the number of insurance contributions to the pension system from PE will decrease, the number of citizens who will pay a fee to finance government spending will decrease by several tens. Self-employed citizens have the alternative not to pay social security fees and save resources for future pensions, which, given the gradual restriction by the state of pension requirements could be a more long-sighted option.

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