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Pension savings of Kazakhstanis increased by 641 billion tenge

As of March 1, 2024, pension savings in the amount of 18.5 trillion tenge were formed on individual and escrow accounts of depositors of the Unified Accumulative Pension Fund. Since the year beginning, their increase as of March 1, 2024 amounted to over 641 billion tenge (3.6%). Compared to the same date last year, the volume of pension savings built up by almost 3.4 trillion tenge or 22.3%.
Pension savings of Kazakhstanis increased by 641 billion tenge

The amount of pension contributions for 2 months of 2024 is 414.9 billion tenge, which is 29.8% or more than 95.2 billion tenge higher than last year. It should be noted that an increase compared to the same period last year occurred in mandatory pension contributions (MPC) - 23.8%, mandatory professional pension contributions (MPPC) - 22.9%, voluntary pension contributions (VPC) - 66.8%.

97% of Kazakhstani savings were formed through MPC, the volume of which as of 01.03.2024 amounted to about 17.9 trillion tenge (an increase for the year - 22%, since the year beginning - 3.5%). The amount of pension savings under MPPC is 589.9 billion tenge, having enhanced by 26.5% over the year and by 3.8% since the year beginning. The largest increase (49.9% for the year, 8% since the year beginning) is demonstrated by savings on voluntary pension contributions (VPC), the volume of which is 5.7 billion tenge.

Cash outflows in the form of payments from the UAPF since the year beginning, as of March 1, 2024, amounted to about 130.8 billion tenge. A significant part of this amount consists of single pension payments (SPP) for improving housing conditions and medical treatment - over 57.4 billion tenge, which is 2.6 times higher than last year.

Inheritance payments were also made in the amount of 9.2 billion tenge, payments in connection with departure for permanent residence outside the Republic of Kazakhstan - 5.6 billion tenge, payments to persons with disabilities - 558 million tenge, funeral payments - 1.8 billion tenge. About 25.2 billion tenge were transferred to insurance organizations.

Let us note that the average monthly payment according to the schedule from the UAPF (upon reaching retirement age) is 34,075 tenge, and the maximum amount of the monthly payment is 945,752 tenge. Let us remind that for the same period last year, the average monthly payment according to the schedule from the UAPF was 32,065 tenge, and the maximum monthly payment amount was 742,692 tenge.

Photos are from open sources.

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