Modernization of retirement system may cause resentment in Kazakhstan

04 мая 2013, 12:49

Rich businesses should share with the state, quotes Doctor of Economics Muratbek Mukhambekov as saying.

“The main reason of this retirement reform lays in lack of budget money. But budget revenues not only come from pension or private savings, but also from industrial production. And our production facilities, as you know, are all private. It was necessary at the time, we had to denationalize industries, attract private investments and bring in talented managers. But we have recovered our feet since then,” Mukhambekov said during discussion of the draft law on modernization of the retirement system in Eurasian National University.

“It is expected that people born after the 1970-80s will be able to save enough and receive what they save,” the expert said, foreseeing the growth of discontent in the society in case the law is adopted as it is now.

Photo by Yaroslav Radlovskiy©

Photo by Yaroslav Radlovskiy©

According to Mukhambekov, to avoid social resentment in the country, the government has to adopt western practices when rich businessmen “obligingly share a part of their profits” with the state. According to the expert, metallurgic, oil and gas, banking and transport sectors of the country are the main sources of profits of Kazakhstan’s billionaires. “But our businessmen do not want to share,” he concluded.

In the beginning of April Kazakhstan government approved a gradual raise of the pension age for women from 58 to 63. The draft law was submitted to the Parliament.

By Altynai Zhumzhumina

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