A working meeting on the further development of Kazakhstan’s pension system was held in Almaty. The discussion was attended by Minister of Labour and Social Protection of the Population of the Republic of Kazakhstan Askarbek Yertayev, Chairman of the Board of the Unified Accumulative Pension Fund (UAPF) Zhanat Kurmanov, and financial sector experts Bolat Zhamishev and Yelena Bakhmutova.
The key issue of the meeting was the adequacy of future pension benefits and the long-term financial sustainability of the pension system. Participants considered approaches that would strengthen citizens’ pension rights, expand pension system coverage, and create conditions for building higher pension savings over the course of working life.
The working meeting is being held as part of the implementation of the Head of State’s instruction to strengthen the financial sustainability of the pension system, ensure its long-term balance, and provide a decent level of pension benefits. To address these issues comprehensively, an interagency working group has been established under the chairmanship of the Minister of Labour and Social Protection of the Population of the Republic of Kazakhstan.
During the discussion, particular attention was paid to the formation of a citizen’s future pension, taking into account all of its components: the state benefit and the savings accumulated during working life. In particular, mechanisms are being considered to increase pension savings through regular employee and employer contributions and to expand pension system coverage.
In preparing the proposals, key long-term factors affecting the pension system are being taken into account, including demographic change, rising life expectancy, the transformation of the labour market, and international experience. This approach makes it possible to assess the development of the pension system not only in terms of current indicators but also with regard to the needs of future generations.
A separate area of work involved actuarial calculations and forecast assessments. These make it possible to evaluate in advance the potential impact of the proposed measures on future pension benefits, citizens’ pension rights, and the long-term financial sustainability of the system.
UAPF Chairman of the Board Zhanat Kurmanov welcomed the participants and presented the core principles of Kazakhstan’s current pension model, as well as the approaches to building pension savings.
“Today it is important to bring together expert knowledge and practical experience in order to comprehensively assess the opportunities for further developing the pension system. The UAPF is ready to continue this work together with government bodies and the expert community,” said Zhanat Kurmanov.
“Our task is to develop approaches to the pension system that will ensure its sustainability while creating conditions for adequate pension provision for citizens in the future. Therefore, every proposed solution must undergo a comprehensive assessment that takes into account the interests of both current and future generations,” emphasised Askarbek Yertayev.
The Ministry of Labour and Social Protection of the Population of the Republic of Kazakhstan will continue its work on improving the pension system together with the UAPF, the State Social Insurance Fund, and the expert community.
Based on the results of this work, balanced proposals will be developed to strengthen citizens’ pension rights, enhance the sustainability of the system, and create conditions for adequate pension provision throughout working life.
