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Proposed changes to the rules governing early withdrawal of pension savings in Kazakhstan have been met with strong public disapproval. A public discussion held on the "Open NPA" portal saw no support for the initiative, with participants voicing concerns and ultimately rejecting the proposed amendments.

Widespread Opposition to New Pension Rules

During the public discussion, the project aimed at altering the regulations for accessing pension funds failed to garner a single positive vote. Instead, 22 individuals voted against the proposal, and over 40 comments were submitted, indicating significant public concern and disagreement with the suggested changes.

Concerns Over Transparency and Fairness

Critics pointed out a lack of specific details within the project proposal regarding how the rules would change and the extent of the increases. This ambiguity fueled frustration among citizens, who argued that the current system leads to the devaluation of savings and exacerbates social inequality. One participant highlighted that while the threshold for savers increases twice a year, the actual returns remain below the inflation rate, effectively eroding the value of their hard-earned funds. The sentiment was that the system places all responsibility on the saver without guaranteeing the preservation or growth of their money.

Calls for Delay and Transition Periods

In response to the concerns, participants proposed delaying the adoption of the project until the end of 2026. They also requested a transition period of at least 3-6 months for citizens to adapt to any new methodology, allowing them to finalize contributions under the previous rules. Another concern raised was the significant decrease in investment returns, with one comment noting a drop of over 100,000 tenge per month and questioning the ability to achieve returns higher than inflation.

Ministry's Stance and Previous Withdrawals

The Ministry responded by stating that the proposed changes were intended to ensure adequate pension payments for all participants in the long term. However, this explanation did not alleviate public concerns. Previously, it was reported that Kazakhstanis had withdrawn approximately 5 trillion tenge in early pension withdrawals over five years, with 1 trillion tenge taken by individuals aged 20-35. Vice Minister Victoria Shegay indicated that there are no plans to revisit these withdrawal figures in 2026.

This public rejection signifies a clear message from citizens regarding their expectations for pension savings management and accessibility.

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