From 1 January 2018, in accordance with the instructions of the President, jointly or as they call themselves pensioners retirement pension will be increased by 8 %, or 2% more than projected level of inflation.
Basic pension, and other benefits will be increased by 6 %.
In addition, from 1 July 2018 it will change the appointment mechanism of the basic pension. As you know, today it is assigned to all equally, regardless of seniority and income of persons over retirement age.
The new mechanism involves the assignment of the basic pension depending on the seniority gained by the citizens until January 1, 1998, and the period of their participation in the pension system after 1998.
The basic pension is differentiated depending on the total experience of citizens. As said above, from July 1, 2018, if the experience of the citizen more than 33 years, basic pension will be 100 % of the subsistence minimum (hereinafter – PM, Republic) or 28 284 tenge, 20 years – 74 % of the MP or 20 930 tenge, for up to 10 years – 54% of PM or 15 274 tenge.