16 июля 2014 01:26

Pension reform concept approved in Kazakhstan

©Tengrinews file photo

Kazakhstan has adopted a concept of modernization of its pension system until 2030, Tengrinews reports citing the legal information system of Regulatory Legal Acts of Kazakhstan.

The reform envisages two core changes: getting rid of the equal basic pension and introducing notional pension accounts. The former will be replaced with basic pensions on the basis of seniority (the number of qualifying years), and the latter will be created from additional employer contributions in the amount of 5% of the employee's monthly wages.

Currently, pensions in Kazakhstan are made of three components:

reforms proposal pensioners pension fund news Kazakhstan Kazakh Government budget

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