Updated at 11:43,21-10-2020

Almost 300 thousand workers to be dismissed in Belarus

280 000 of the laid off Belarusian workers will be redirected to a new industry. However, the creation of such industries will need in the next three years nearly $40 billion in foreign direct investment.

In Belarus, the laid off workers will be redirected to new industries. This was announced today by Economy Minister Nikolai Snopkov at a meeting of the Council of Ministers.

Nikolai Snopkov noted the risks now existing in Belarus, caused by the imbalance of labor productivity growth and wage growth. In this case, the non-competitive level of wages implies an outflow of skilled personnel.

"The only way out of this situation is to reoccupy workers from traditional job place on the new high productive ones", Nikolai Snopkov said. The creation of such jobs will be made through the construction of new industries. In this regard, the need for investment is calculated up to 2015, BelTA reports.

"The added value we will achieve in 2015, when we should achieve the minimum salary of 800 dollars - this added value should correspond to the number of employees. Remaining number is being laid off. Accordingly, people will be employed in the new productive industries", Nikolai Snopkov said.

Thus, the total number of employees is saved, but the workforce is diversifying into new industries. In this case, the needed level of wages in traditional industries is being achieved by reducing the number of employees, as well as higher wages in the new industries.

Nikolai Snopkov pointed out, that today to reach a high level of added value in traditional industries is impossible. Therefore, from these sectors is expected to lay off 280 000 employees by 2015. But the task of ministries, government agencies is to manage the released number, to create new jobs for people.

This aim requires implementing new investment projects. The total amount of foreign direct investment for them until 2015 should reach $38 billion, of which approximately $23 billion are for purchasing machinery and equipment. "And already today we need to form a package of investment projects for the managed employees' laying off", the Minister said.

However, the Minister kept silence, whether the government has found at least one investor who is ready to come to Belarus with decent money. And, given that investors don't stand in a queue, then Belarusians would have to continue looking for a job with a normal salary at the neighbors, or to continue living on pennies at home.