Calculation of the minimum amount of contributions to the social insurance fund

In the Republic of Belarus, the payment of compulsory insurance contributions by persons registered as individual entrepreneurs is made annually, no later than March 1 of the year following the reporting year.

The contribution rate is 35 percent (29% for pension insurance + 6% for social insurance) of the amount of income determined independently. But the amount of this income should not be less than the sum of the size of the minimum wage established and indexed in accordance with applicable law.

Thus, the minimum amount subject to mandatory payment is calculated as follows:

The amount of the minimum wage per year / 100 x 35 = the amount of contributions.

For example, in 2018 the size of the minimum wage bill was 305.00 rubles per month from January to December, which means:

(305.00 x 12) / 100 * 35 = 1281.00

So the minimum amount subject to mandatory payment in 2019. for 2018 equal to 1281.00 rubles