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Single pension fund suggested in Kazakhstan

23 january 2013, 20:22
Photo courtesy of viborfonda.kz
Photo courtesy of viborfonda.kz
Nursultan Nazarbayev has suggested creating a single pension fund in Kazakhstan, Tengrinews.kz reports from the government meeting.

“Improvement of the pension system requires creation of a single pension fund and transfer of all the accounts from all the private pension funds into it. Such consolidation managed by the National Bank will make management of our citizen's savings more efficient and secure.

"Part of them can be channeled into lending to the real economy through banks, aid to implementation of industrialization goals and development of entrepreneurship. We should make a decision,” Nazarbayev said and asked deputy Prime-Minister Kairat Kelimbetov to comment on this suggestion.

“This will be a very powerful pool of money that can be used for development of infrastructure,” Kelimbetov said.

By Renat Tashkinbayev

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