Can it be possible to not renew the contract prior to retirement?
In Belarus, a pension insurance program has been in operation since 2022, providing a safety net for workers as they approach retirement age. The program, which is funded through contributions from both employees and employers, has seen a significant number of participants, with over 53,500 Belarusians enrolled.
One of the unique features of this program is the option for contract extensions for employees nearing retirement. According to Article 261-5 of the Belarus Labor Code, employers are obligated to extend employment contracts or sign new ones for employees with less than two years until retirement. However, it's important to note that refusal to extend a contract is only possible in cases of serious disciplinary violations.
The age group most likely to consider and use this contract extension option is between 48 and 57 years old. Most participants (64%) choose a 3+3 tariff, which allows for periods of extension to three years if specified in the organization's collective agreement.
Employees who meet the requirements (seniority and age) have the right to demand a contract extension. The guarantee for contract extension applies from age 56 for men (retirement age 58) and from age 51 for women (retirement age 53) or from age 61 for men (retirement age 63) in Belarus.
Participants' contributions range from 1% to 10% of their gross salary, with employers contributing up to 3%. Belarusians prefer to receive these additional payments over a period of five years.
An increasing number of Belarusians are paying attention to voluntary additional pension insurance with state financial support, as reported by the Nasha Niva portal. Women make up 70% of those participating in the pension insurance program, reflecting a strong emphasis on securing the financial future of the country's female workforce.
For precise details on the specific rules for contract extensions for workers nearing retirement age in Belarus, it's essential to refer directly to the Belarus Labor Code or consult with a legal expert who can provide the most accurate and up-to-date information.
In this pension insurance program in Belarus, employees approaching retirement age have the opportunity to extend their contracts, as specified by Article 261-5 of the Belarus Labor Code. This option particularly benefits workers between 48 and 57 years old, with many choosing the 3+3 tariff for contract extensions. Additionally, participants can seek personal-finance education and self-development resources to optimize their wealth-management and personal-growth strategies, ensuring a more secure financial future.
