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Chairman of Kazakhstan's National Bank Kairat Kelimbetov: pension funds are secure against inflation.
Vice Minister of Health and Social Development explains the new provision in the pension legislation concerning five percent employer contributions.
Kazakhstan is moving forward with its new pension system. However, some are concerned it will mean lower revenues for the state budget and more money in the shadow economy.
Kazakhstan is getting ready to implement a new pension system.
Earlier Kazakhstani residents just withdrew their entire pension savings when moving to another country and managed the entire amount at their own discretion.
Starting from next year, part of the assets will be managed by private companies (…) to develop the People’s IPO Program and take part in IPOs run by various companies. The National Bank will be responsible for investing into government securities: Central Bank Governor.
Kazakhstan MP asks the National Bank why 90 billion tenge ($484 million) were written off from pension accounts.
Single Pension Fund of Kazakhstan might soon allow its depositors to choose investment strategies.
Securities of 22 companies held by the Single Pension Fund of Kazakhstan now cost four times less then their nominal value.
Advisor to the governor of the National Bank of Kazakhstan talks about pension fund losses as of September and the benefits of National Bank managing the Single Pension Fund.
The National Bank of Kazakhstan has responded to the criticism of several members of the Kazakh Parliament, who claimed the Single Pension Fund was practicing risky investments that put the pensioneers' savings in danger.
Kazakhstan MP of Ak Zhol faction voiced their serious concern over the investments the Single Pension Fund was practicing. In their opinion, these activities may lead to destabilization of the entire lending sector of Kazakhstan.
The Concept of modernization of Kazakhstan’s pension system until 2030 has been approved.
Kazakhstanis had over $21 billion in pension savings as of June 1, 2014.
“I commission the National Bank and the Government to work out a strategy to invest the assets of the Pension Fund, including depositing the money with Kazakhstan-based banks for a long term”, President Nazarbayev said earlier.
President also stressed that the National Bank should develop extra incentives to reduce dollarization of the banking sector.
Altogether, there are 9.7 million accounts, with the overall savings amount standing at $21.3 billion.
Ular Umit pension fund is completing the merger to be followed by the pension fund owned by Halyk Bank, the last to be merged with the newly-formed Single Pension Fund: the Fund’s Press Service.
Kazakhstan’s President Nursultan Nazarbayev instructed the Government late January to merge all the pension funds into a single government-owned entity.
Deputy Chairman of the JSC GNPF Accumulative Pension Fund Ruslan Erdenayev guaranteed the safety of the pension savings.