Real wages in national currency in 2016 may exceed 2015-level

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August 31, 2016 15:21
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According to the National Statistics Committee, gross salary in Belarus in July reached BYR 745.8 or 94.7% of that in July 2015. Real wages reduced due to high inflation rate and restricted wage growth in most economic sectors. In the coming months, wages are likely to grow smoothly, which should improve the retail sale situation. The population will be the net seller of foreign currency in order to preserve current consumption levels. Starting from August 2015, wages were falling, which created a low comparative base for 2016. Hence, real wages, adjusted for inflation, may exceed those in 2015 by October-November 2016.

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Number of citizens excluded from social security system would be expanded
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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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