Moderate wage growth will persist in Belarus despite reduced labour efficiency

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April 22, 2016 19:15

In May 2015, the average monthly wage in Belarus totalled USD 466 – an increase by USD 47.9 compared with January 2015. Wages grew despite the decline in labour efficiency in the Belarusian economy. Wage growth will continue due to the holiday season and mandatory payments for workers’ rehabilitation. Simultaneously, the demand for foreign currency will increase due to the need to acquire currency for recreation outside the country, and the increase in turnover in the retail trade will be negligible. Despite loss-making, state-owned enterprises are likely to receive state aid in order to pay wages to workers. Before elections, layoffs may affect pensioners only. 

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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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