Head of UAPF on proposal to reform pension system

At the second Forum of Strategic Initiatives in Nur-Sultan, chairman of the UAPF JSC, Zhanat Kurmanov commented on proposal on reforming Kazakhstan’s pension system basing on Singaporean experience, reports.

“It should be noted that there is no ideal pension system in the world. All experts agree that the most stable is the mixed pension system, in which the state, employee and employer are represented. It is necessary to be careful with the Singaporean pension system, because there are certain economic differences between our countries,” said Zhanat Kurmanov.

He noted that the current pension system in Kazakhstan was formed under the influence of specific economic factors.

“It was refused to fully copy Singaporean experience back in 1998. One should approach it carefully,” the speaker added.

He emphasized that many neighboring countries are interested in Kazakhstan’s pension system model.

“Russia and Georgia show interest in our pension system. We have implemented a very consistent and technological concept. Many issues have really been resolved,” concluded the head of the UAPF.

Aidana Demesinova
18:04, 20 November 2019


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