KAZAKHSTAN’S PENSION SYSTEM
Kazakhstan has been consistently working on the implementation of the OECD standards. Reform has influenced almost all spheres, including the pension system. Public Council was established under the Single accumulative pension fund. It will deal with the modernization of Kazakhstan’s pension system and increase transparency of the fund’s activities. The independent consultative and advisory body includes well-known experts of the financial market, political scientists, journalists and bloggers. The Fund will hold pen days will be in its branches across Kazakhstan on a regular basis, where every citizen will be able to enquire. Starting from 2018, Kazakhstan citizens’ pension will be accumulated according to a new policy. Its size will depend on the length of participation in the pension system.
MURAT SHARIPOV, ACTING DIRECTOR, ASTANA BRANCH, SINGLE ACCUMULATIVE PENSION FUND
- We adopted a strategy that makes the fund’s activities transparent, open and accessible. The single accumulative pension fund jointly with the ministry and other state bodies are constantly studying international experience. We are aimed at creating the most favorable conditions. We have adopted the experience of other countries such as Sweden, for instance. What does this give us? It strengthens the system and creates more or less transparent conditions.
Kazakhstan was the first among the CIS countries to launch its pension system’s reform and today it is one of the most advanced in the region, experts say.