Belarus will carry out a pension reform in case of the country’s economic integration with Russia, expert say adding that the Belarusian government will not miss the opportunity to raise the pension age, a move that Russia made last year.
Russia-Belarus economic integration implies creating a unified tax code in 2021. The integration process is expected to take two years and entails partial unification of the two countries’ economies. Along with a single tax code, Russia and Belarus will also have their single civil code, unified foreign trade regulations, and similar social guarantees. The two countries will establish a unified banking regulator, although with two central banks operating.
The move implies a greater level of integration than in the EU countries; actually, this means establishing an economic confederacy.
Belarus may implement a pension reform upon such integration, Yevgeny Valyeyev, analyst at Narodnaya Diplomatiya (People’s Diplomacy) Fund for Civil Institution Development, said. According to him, Belarusian politicians will be able to explain to citizens that this is required for the country’s integration with Russia, Ura.ru information agency reported. Minsk will also have to drastically change its pension system, Valyayev added.