Kazakh Ministry of Labor outlines rules for early withdrawal of pension savings

Kazakh Ministry of Labor outlines rules for early withdrawal of pension savings

Kazakh citizens will be able to buy housing, pay for medical treatment or transfer their pension savings to financial companies. Only under the conditions listed above, it will be possible to withdraw the money from retirement accounts ahead of schedule starting next year, Kazakh Ministry of Labor and Social Protection of the Population announced. 

In order to be able to get early access to pension savings: 
-an individual by the age of 30 needs to have more than 2.5 million tenge (US$5,952) of pension savings 
-by the age of 35 – nearly three million tenge (US$5,143)
-by the age of 40 – 3.5 million tenge (US$8,333)
-by the age of 45 – nearly four million tenge (US$9,524)
-by the age of 50 – 4.5 million tenge (US$10,714)
-by the age of 55 – five million tenge (US$11,905)
-by the age of 59 and older – more than 5.5 million tenge (US$13,095)

According to preliminary data, there are approximately 530,000 Kazakh citizens who meet the criteria for the early withdrawal of money from their pension accounts. In addition, the relevant ministry clarified that Kazakh citizens would be allowed to withdraw money for needs for themselves, as well as for their spouses and close relatives. 

“They can buy housing, both in the primary and secondary markets. Or a land plot. The pension savings can be used to pay off mortgage loans in any second-tier bank. Pension savings can also be used for the construction or repair of housing,” Kazakh Minister of Labor and Social Protection of the Population Birzhan Nurymbetov said. 

 

Photo: internationalwealth.info