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Since July 1, 2017 the procedure for granting the base pension will be changed in Kazakhstan

This announcement was made today at a briefing in the Central Communications Service for the President of Kazakhstan on "Modernization of the social security system" by the Vice Minister of Health and Social Development of Kazakhstan, Svetlana Zhakupova.

Svetlana Zhakupova reported that the Concept of further modernization of the pension system of Kazakhstan till 2030, approved by the Decree of the Head of State as of June 18, 2014, shall provide for:

- a change in the procedure for granting of the base pension since July 1, 2017, depending on the period of participation in the pension system. If the period of participation in the pension system is 10 years or less the amount of base pension shall be 50% of the minimum subsistence level and it will increase for each full year in excess of 10 years by 2% of the subsistence minimum;

- an introduction of a new conditional and funded elements since 2018 due to a contribution from the employer at 5% of the employees' income to dummy pension accounts opened in Single Accumulative Pension Fund (SAPF).

When an employee reaches the retirement age and has at least five years of the period of participation the amount of pension from the conditional and funded elements shall be determined on the basis of pension rights formed on the conditional pension account and life expectancy. Pension shall be paid for the life term and shall not be inherited.

She also added that since May 2015 the citizens living in settlements remote from the district centers will be provided with experts of JSC "Kazpost" and mobile public service centers that will organize the procedure of accepting documents for granting pensions and benefits, and medical and social expertise service that will diagnose disability. Service recipients (accepting documents and opening an account) which are served in their places of residence will have comfort, a simplified procedure, reducing costs and time for public services.

Changed on 5 March, 2015 - 11:21
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