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Government discusses use of pension savings for purchase of housing and education

Friday, 18 October 2019, 11:58:56

Regular meeting of the working group on further improvement of the pension system chaired by the Deputy Prime Minister of Kazakhstan Berdibek Saparbayev took place in Ukimet Uyi.

It should be noted that the Head of State Kassym-Jomart Tokayev, in his Address to the People of Kazakhstan “Constructive Public Dialogue – the Basis of Stability and Prosperity of Kazakhstanis” instructed the Government to work out the issue of the targeted use of part of their pension savings by working citizens.

The meeting was attended by Minister of Labor and Social Protection of the Population Birzhan Nurymbetov, Minister of Education and Science Askhat Aimagambetov, Senate deputy Murat Baktiyaruly, Deputy Chairman of the National Bank Yeszhan Birtanov, Deputy Chairman of the Board of Atameken National Chamber of Entrepreneurs Yulia Yakupbayeva, representatives of state bodies and non-governmental organizations.

In addition, the working group includes the chairman of the Board of the Association of Financiers of Kazakhstan Elena Bakhmutova, director of the Public Foundation “TALAP Applied Research Center” Rakhim Oshakbaev, member of the Board of Directors of First Heartland Jysan Bank JSC Bolat Zhamishev, Advisor to the General Director of KMG LLP Engineering Zhaksybek Kulekeyev, as well as other experts and public figures.

During the meeting, the chairman of the Unified National Pension Fund JSC Zhanat Kurmanov presented the results of actuarial calculations for a comprehensive analysis of the development of the pension system in Kazakhstan.

In particular, it was noted that in the face of an increase in the burden on the able-bodied population due to its aging, global trends are observed in the transition from a distribution type system to funded pension systems.

The Minister of Labor Birzhan Nurymbetov presented the proposals of the working group on the targeted use of part of the pension savings for housing or education.

Talgat Mamayev, deputy chairman of the State Revenue Committee of the Ministry of Finance, informed about the measures taken to strengthen control over the completeness and timeliness of the payment of mandatory social payments.

During the meeting, a constructive discussion took place on these issues and relevant recommendations were given.

By the end of 2019, the working group will develop proposals for further improvement of the pension system based on the construction of long-term actuarial models.


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