Fiscal Projections for Pension System of Belarus

Abstract

This note attempts to describe the pension system in Belarus including its fiscal performance, redistributive aspects benefit levels and benefit eligibility conditions. The note also discusses the challenging demographic environment which Belarus pension system is expected to face in the future and explores alternative paths that the system could take in this environment. Some reform scenarios are explored including the increase in retirement ages, changes in benefit indexation rules and the introduction of notional defined contribution accounts.