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What affects the pension size?

The editors of the Nurfin project called the factors that affect the pension size. The pension consists of three parts: basic, joint and funded.
What affects the pension size?

Basic pension

The basis of the pension payment is from 54 to 100% of the minimum wage established for pensioners for 2019 (29,560 tenge). The required percentage is calculated based on the length of service. If it is less than 10 years, the minimum of 54% are taken into account. The minimum basic pension set for 2019 was 16,037 tenge.

For each year over 10 years of service, another 2% of the minimum wage is added to the basic pension. For example, with a 15-year service the pension payment basis will be 64% of the minimum wages.

The maximum size of basic pension is equal to minimum wage, and it is available to those with employment history of 33 years or more.

Joint or labor pension

The second part of the pension payment depends on the length of service until 1998, when the pension reform was carried out and pension funds were formed. Together with the employment history until 1998, we consider the average monthly salary, which had been received in any three-year period within this time.

Women with length of service of 20 years by 1998, and men –25 years, need to calculate 60% of the average monthly salary mentioned above. People with a larger employment history add 1% more each year to a maximum level of 75%.

Thus, the maximum employment history taken for women is 35 years, men – 40 years.

The result obtained is multiplied by the coefficient of seniority until 1998. To find it, the number of months (minimum 6) must be divided by 240 for women and 300 for men.

Regardless of the result of calculations, a joint pension should be at least 36,108 tenge (relevant for 2019). Its size increases annually depending on inflation, plus it grows by another 2%.

The pension for people that have retired before the pension reform consists of basic and joint components.

As a result, the minimum pension in 2019 is 52,145 tenge.

Allocations to UAPF

Those who retired after 1998 can count on the third component of pension payments. This is a certain percentage of funds accumulated in an individual pension account.

This raise is growing with the age of a pensioner, and by the depositor’s age of 79 it reaches its maximum. Its minimum amount also makes 54% of the minimum wage for pensioners for the current year.

Source: https://www.nur.kz/1820207-tri-faktora-kotorye-vliaut-na-razmer-pensii.html

Photos are from open sources.

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