Economics

Will the retirement age be reduced in Kazakhstan?

Photo: Kazpravda.kz/Adilbek Tauekelov
The issue of reducing the retirement age in Kazakhstan was commented on by the Minister of Labor and Social Protection of the Population Birzhan Nurymbetov at a press conference in the Government of the Republic of Kazakhstan, Kazpravda.kz reports.

"At present, the issue of revising the retirement age towards its reduction is not being considered. Today, our pension system is tied to work experience. This is a solidary pension, which is paid by the state through work experience, and a guaranteed basic pension, a cumulative component," Nurymbetov said.

According to him, the solidary part of the pension is gradually being phased out, because it is paid for the length of service until 1998.

"The accumulative pension system depends on the duration of participation in the accumulation system and the amount of savings. In this situation, the tasks are to increase the incomes of the population, adequate savings, to find new sources of savings for citizens. These include tasks to increase the level of employment, formal employment and profitability of pension assets of our citizens in the Unified Pension Savings Fund," added the minister.
Author:
Ekaterina Eliseyeva
14:14, 3 September 2020
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