The results and prospects of the Kazakhstan funded pension system were discussed at a branch in Astana
On December 13, a round table was held in Astana on the theme: “The 20th anniversary of the funded pension system. Fundamentals of the pension system of the Republic of Kazakhstan. ”
The meeting was held at the initiative of the UAPF with the participation of the Fund’s employees, representatives of the Ministry of Labor and Social Protection of the Republic of Kazakhstan, the State Social Insurance Fund, the Health Insurance Fund and the Government for Citizens Corporation, trade unions, the Chamber of Entrepreneurs and the NurOtan party “, As well as the people who stood at the origins of the formation of the system, representatives of the media, experts and contributors (recipients).
The roundtable participants discussed the reasons for the country’s transition to a funded pension system, the pros and cons of creating the UAPF, the current state and further prospects for the development of a funded pension system. They also exchanged views on the formation of a culture of pension savings among Kazakhstanis, especially the young generation and the self-employed population, as well as on the role of voluntary pension contributions as a way of forming pension capital.
The meeting was opened by the director of the branch in Astana, Managing Director Murat Sharipov. He greeted the audience, wished fruitful work and an interested discussion of issues related to the funded pension system in general and the UAPF activities in particular. In his speech, he also noted the work of the Fund, aimed at both improving the quality of pension services and raising public awareness of the funded pension system and their financial literacy.
As a result of the meeting, the participants came to the conclusion that Kazakhstan 20 years ago made the right choice, having carried out the first pension reform among the CIS countries. The system took place, proved its crisis resistance and has potential for development. At the same time, the participants noted that the development of the funded pension system, its success, adequacy, to a greater extent, depend on the economic situation in the country: the growth of the real sector of the economy contributes to the growth of labor productivity, the growth of population incomes. Lower inflation and price stability in the economy will have a direct positive effect on the real value of pension savings. An increase in employment will allow the population to make regular deductions from their income for future savings.
UAPF was established on August 22, 2013 on the basis of JSC «NPF «SNPF”. The UAPF founder and shareholder is the Government of the Republic of Kazakhstan represented by the State Institution “Committee of State Property and Privatization” of the Ministry of Finance of the Republic of Kazakhstan. UAPF pension assets are managed by the National Bank of the Republic of Kazakhstan. From January 1, 2016, the functions for developing proposals to improve the management of pension assets were transferred to the National Fund Management Council.
In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, compulsory professional pension contributions, voluntary pension contributions, pension payments, individual accounting of pension accumulations and payments, provides the depositor (recipient) with information on the status of his pension accumulations (more on www.enpf.kz ).
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