Kazakhstan is considering new approaches to developing its pension system, with the Ministry of Labour and Social Protection of the Population outlining the work of an interagency group tasked with its development, the website infohub.kz reports.
The ministry's website reported a working meeting on the pension system attended by Minister of Labour and Social Protection of the Population Asqarbek Yertaev, UAPF Management Board Chairman Zhanat Kurmanov and financial sector experts.
The key issues at the meeting were the adequacy of future pension payments and ensuring the long-term financial sustainability of the pension system. "During the discussion, particular attention was paid to how a citizen's future pension is formed, taking into account all its components — the state payment and the savings accumulated during working life. In particular, mechanisms are being considered that should help increase pension savings through regular contributions by employees and employers and raise the share of the population covered by the pension system," the ministry said.
Actuarial calculations and forecast estimates formed a separate block of work. The ministry believes they make it possible to assess in advance the potential impact of the proposed measures on the level of future pension payments, citizens' pension rights and the financial sustainability of the system over the long term.
"Our task is to shape approaches to developing the pension system that will ensure its sustainability while at the same time creating conditions for decent pension provision for citizens in the future. Therefore, every proposed measure must undergo a comprehensive assessment taking into account the interests of both current and future generations," Asqarbek Yertaev stressed.
Recall that in the summer the head of the Ministry of Labour and Social Protection said the pension system in Kazakhstan could face changes — three new reforms are under consideration.