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The pension system of Kazakhstan will work in a new way

The amendments to the Concept for further modernization of the pension system by 2030 were developed in Kazakhstan, LS reports.
The pension system of Kazakhstan will work in a new way

According to the Ministry of Labor, the current document provides for the transition from the basic pension payment to the minimum guaranteed pension as of 2028.

The mechanism for assigning a minimum guaranteed pension is being currently worked out providing for the following:

- the minimum size is proposed to be increased from 54% to 70% of the subsistence minimum (34.3 thousand tenge);

- the minimum length of service should be reduced from 10 years to 5 years;

- remove the maximum pension limitation (currently the maximum limitation is one minimum wage with a 33-year and more employed service).

“Another important area of ​​modernization is the introduction of 5% of mandatory pension contributions by employers as of 2023. Employers will at their own expense transfer mandatory 5% pension contributions from the employee's income to their employees,” the Ministry of Labor concluded.

Source: https://lsm.kz/pensiya-izmeneniya

Photos are from open sources.

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