Economics

Pension Fund payments changed

Photo: Kazpravda.kz/Adilbek Tauekelov
In 2021, the monthly pension payment from the Unified Accumulative Pension Fund (UAPF) is no less than 70% of the subsistence level, while previously it was no less than 54%. The amount of payments from the UAPF increased for the majority of recipients, Kazpravda.kz refers to the press service of the Fund reporting.

The press service reminded that from April 1, 2021, the monthly payment from the UAPF is calculated on a new methodology in accordance with the Government resolution dated October 2, 2013 No. 1042 (Appendix 2 Methodology for calculating pension payments amount).

On this methodology, the annual amount of pension payments in the first year of the payments will be calculated as the product of the pension savings sum by the rate of pension savings payments - 6.5%. In subsequent years, the size of the monthly pension payment will be recalculated by annually increasing the size of the monthly pension payment for the previous year by the indexation rate of pension payments - 5%.

"If the pension savings amount on the circulation date does not exceed twelve times the minimum pension established by the law on the republican budget for the corresponding financial year, this amount is paid to the recipient from the UAPF in a lump sum (in 2021 - 519 264 tenge = 12 * 43 272). Persons who have exercised their right to receive pension payments from the UAPF before January 1, 2018, the annual amount of the pension payment is at least thirty times the minimum pension (in 2021, 30 x 43,272= 1,298,160 tenge). Payments are made according to the previously selected schedule," it is informed.

It is noted that the change in the payments calculating method does not apply to the established pensioners, who began to receive payments from January 1, 2018 to April 1. In 2021, they will continue to receive payments assigned to them from the UAPF, calculated on the old methodology. But from 2022, the amount of payments they receive now will be increased by 5%.

Pension payments from the UAPF are carried out until the exhaustion of pension savings in the individual pension account.

Author:
Aidana Demesinova
12:29, 2 April 2021
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