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The mechanism of the transition to compulsory professional pension contributions

The answer

The law of the Republic of Kazakhstan "On pension provision in the Republic of Kazakhstan" provides for the introduction from 1 January 2014 obligatory professional pension contributions in the amount of 5% by the employer, while maintaining the same mandatory pension contributions. This will allow their continuing participation in the system (at least 30 years) and the regular dismissal (12 times a year) adequate retirement savings for early retirement.

The new system will apply only to those employees who are employed in industries with hazardous working conditions. The list of productions and list of occupations of workers employed in hazardous occupations will be approved by the Government and reviewed periodically.

The proposed conversion burden on the employer will not increase as the charge amount to professional pension system will be allocated to deductions when making tax payments.

However, the dependence of the cost of employers ' mandatory occupational pension contributions from the state of working conditions will stimulate their improvement.

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