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B. Nurymbetov told how the stability of the pension system will be ensured

B. Nurymbetov

During the meeting of the collegium of the Ministry of labor and social protection of the population of RK (hereinafter – MLSPP RK) on the issues of implementation of the Address of the President of Kazakhstan Kasym-Zhomart Tokayev to the people of Kazakhstan "Constructive public dialogue – the foundation of stability and prosperity of Kazakhstan," the head of the department Birzhan Nurymbetov in the video conference said to the Deputy akims of regions and cities of a republican significance, as well as to the representatives of local executive bodies about what mechanisms worked by MLSPP RK to ensure the stability of the pension system.

At the beginning of his speech, the minister noted that solidarity pensions are increased annually in Kazakhstan ahead of inflation level. In addition, last year the basic pensions were increased taking into account the work experience.

"Accordingly, budget expenditures on pension payments grow annually. In 2019, 2.3 trillion tenge is provided for these purposes in the republican budget, which is 15% higher than last year. The cumulative rate of income replacement by pension payments, excluding the funded pension, is now 52.7%. At the same time, measures to ensure the stability of the pension system will be taken," Birzhan Nurymbetov said.

First, in accordance with the instructions of the President of Kazakhstan, in order to prevent a one-time increase in the burden on business, along with the introduction of compulsory health insurance, the introduction of 5% compulsory pension contributions of the employer will be postponed until 2023.

Second, the issues of targeted use of the part of pension savings by citizens for other important purposes such as housing or education will be comprehensively worked out.

"The Ministry has established a working group to develop a set of measures to further improve the funded pension system based on the construction of long-term actuarial models. It includes representatives of the National bank, ministries of finance, national economy and other state bodies, the Association of financiers of Kazakhstan, the Federation of trade unions, the Center for applied research "TALAP", the Center for strategic initiatives, experts and public figures. A similar working group at the Government level will soon be established to provide comprehensive and full consideration, as well as to develop constructive proposals taking into account the interests of business representatives, future pensioners and interested state bodies. Proposals to improve the efficiency of the pension system will be developed by the Government and the National bank before the end of the year," the Minister informed.

Third, in order to optimize costs and improve the quality of investment management, the consolidation of the extra-budgetary system and the introduction of a single social payment will be studied.

Changed on 11 September, 2019 - 16:12
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