Pension and benefit regulations are set to take effect as of July 1st.
Going Digital: The New Age of Social Payments in Belarus
Beginning July 1, 2025, Belarusian authorities have announced a significant shift in social payment distribution. Pensions, child benefits, unemployment aid, and more will now only be dispensed through the basic account.
This transition includes various financial services such as pensions, child allowances, unemployment benefits, assistance for caring for the disabled, targeted social aid, payments to foster family caregivers, school material assistance, and more.
The country began converting accounts to basic accounts as early as 2022, with most recipients of social payments already transitioning or establishing new basic accounts. However, a portion of the population still needs to comply, and the ministry has asked them to open a basic account with a bank by June 20, 2025.
Besides these account changes, financial institutions offer a wide array of banking services including consumer loans, auto loans, business loans, mortgages, deposits, loans, business account products, credit cards, debit cards, leasing services for new, used, and business vehicles.
The ministry also clarified who is exempt from opening a basic account. This group includes:
- Recipients who receive payments by mail:
- Disabled individuals,
- Elderly residents living in rural areas,
- Citizens aged 70 years or older,
- Individuals with limited mobility (functional class 3 and above),
- Parents of disabled children under 18, who are eligible for care allowances,
- Recipients of child allowances through work or study (provided the allowance is transferred to a salary card, opening a basic account is not necessary).
- Foreigners with a temporary residence permit and recipients of funeral allowances.
In the past, the Ministry of Labor has addressed queries about whether maternity leave periods are factored into pension calculations.
It's essential to note that specific details about the exact timeline for phasing out social payments on non-basic accounts and exceptions to opening a basic account might be found in Belarusian legislation or updates to financial regulations. These details may not be covered in the provided search results. Be sure to consult official sources for the most accurate and up-to-date information.
The financial institutions in Belarus, beyond the basic account services, provide various banking products such as loans for consumers, businesses, and vehicles, mortgages, deposits, credit and debit cards, leasing services, and personal-finance solutions like wealth-management and business account products. It's important to also consider exceptions to the basic account regulation, as certain groups including recipients of maternity leave payments, disabled individuals, elderly residents, and foreigners with a temporary residence permit, are exempt from opening basic accounts.
