Limited funds available for savings
In a recent address to the people of Kazakhstan, President Kassym-Jomart Tokayev highlighted the need for a reassessment of the country's pension system. This move comes in response to concerns about the financial stability of the system, low savings among self-employed individuals, demographic trends, and labor market dynamics.
The government, in collaboration with the National Bank and the Agency for Strategic Planning and Reforms, has been instructed to take steps to strengthen the financial stability of the pension system. One such measure includes gradually increasing the retirement age for women to 63 years by 2027.
The president's instructions are focused on ensuring a balanced and decent pension level in the long term. The government plans to implement reforms aimed at improving the sustainability of pension contributions and benefits structure. However, specific detailed measures beyond the retirement age reform are not yet explicitly outlined.
The labor market dynamics and demographic trends are factors that necessitate a review of the pension system. The president emphasized the need for a reassessment of the approaches to the pension system, with the aim of maintaining a decent pension level and ensuring long-term balance.
The government's actions are part of the ongoing potential review of the pension system in Kazakhstan. The president's emphasis on the importance of the pension system reflects his commitment to addressing the concerns of the citizens.
As the review progresses, it is expected that more details about the proposed changes will be made available. The reassessment of the pension system is a significant step towards securing the financial future of Kazakhstan's citizens.
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