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PRESS RELEASE

PRESS RELEASE

June 20, 2017 President of the Republic of Kazakhstan signed the Law of Kazakhstan № ___"On amendments and additions to some legislative acts of Kazakhstan on social security", developed in implementation of the President's address to people of Kazakhstan dated January 31, 2017, "the Third modernization of Kazakhstan: global competitiveness".

The law is aimed at:

- increase of pensions from 1 July 2017 up to 20% compared to 2016;

- increasing the size of lump-sum allowance in connection with birth of a child from 1 July 2017 up to 20%.

- transfer the intended period of implementation of 5% mandatory pension contributions from the employer from 2018 to 2020.

On behalf of the President in 2017-2018 will be gradually increased the size of pensions paid from the national budget. The sizes of solidary pensions will be increased by 11%, subject to a 9% increase at the beginning of the year. The basic pension will be increased by 13%, taking also into account the 7% increase at the beginning of the year. In the end, will provide increased pensions to 20% from 1 July 2017, compared with the size of pensions in 2016.

The level of lump sum state benefits in connection with childbirth from 1 January 2017 increased by 7%, and from 1 July 2017 will be increased by 13%. As a result, in 2017, compared to 2016 growth will reach 27%.

In General, the above increase of pensions and allowances in the national budget provided 81,6 billion.

The law provides for the amendments to 11 laws of the Republic of Kazakhstan.

Negative legal and socio-economic consequences of its adoption is not expected.

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Changed on 28 June, 2017 - 16:31
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