Kazakhstan develops pension system regulatory reform

January 29, 2013

There is tense debate over pension reform in Kazakhstan. According to market participants, the existing 10 percent amount of pension contributions is insufficient. Financial experts suggested creating a system of so-called corporate pensions, when the organization has a social package for its employees and makes cash transfers for them. Moreover, this possibility is already regulated by law. 

The National Bank of Kazakhstan and the Ministry of Labour and Social Security with the assistance of the Association of Financiers is developing a reform of the country’s pension market, executives of one of the largest pension funds in Kazakhstan said in a statement at a press conference in Almaty. Financiers expect the system of pension savings deductions to be improved in the near future.