Baku, Azerbaijan, July 2
Trend:
The size of the basic pension in Kazakhstan will increase by 67 percent from July 1 this year, Minister of Labor and Social Protection of Population of Kazakhstan Madina Abylkasymova said during the reporting meeting, Kazakh media reported June 29.
The minister briefed on implementation of the modernization of the basic level of pension provision, stipulating for the relationship of payments with length of service.
The minister noted that, the size of pay-as-you-go pensions has increased by 8 percent, and the size of the basic pension has also increased by 6 percent since January 1 this year. And the average size of the basic pension will grow by another 67 percent since July 1 this year.
"This is associated with the change in the method of assignment of the basic pension, which will be assigned in proportion to the length of service at the rate of 54-100 percent of the living wage. This increase will affect more than two million pensioners, of which about one million will receive a basic pension in the maximum amount. As for about 930,000 people, the increase for them will amount to 37-81 percent. It is very important that, the recalculation of the basic pension is made without any additional documents," Abylkasymova said.
Abylkasymova noted that, currently the Ministry of Labor and Social Protection of Population of Kazakhstan has completed all the preparatory work for the upcoming recalculation of the basic pension. For the full accounting of the periods of employment history, the pension files of more than two million pensioners were reviewed. Thus, from July 1, pensioners will be able to receive a basic pension in the new amount.
"In general, it should be noted that, this is only one component of the total pension. The total pension also includes the cumulative part. In general, the average pension will increase by 23 percent this year as compared to last year. In addition, 386 billion tenge was allocated from the national budget for the increment to pensions in 2018, and the total expenditures of the entire national budget for pension provision amounted to 1.9 trillion tenge," the minister added.
The official exchange rate as of July 2 is 341.08 KTZ / USD.