Insufficient movement to adjust the retirement age.
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Pension Age Review Mentioned, But No Immediate Change in Sight
The Ministry of Labor is weighing the possibility of revisiting the pension age, but for now, no significant changes are on the horizon. In a recent briefing, Minister of Labor and Social Protection of the Population Serik Shapkenov casually mentioned the possibility of reviewing the pension age, citing concerns about people not having enough time to accumulate pension savings and resulting in small pensions. However, he clarified that no active review process has been initiated yet.
Shapkenov also highlighted that Kazakhstan employs an accumulative pension system, which means the amount of pension one receives is dependent on their involvement in this system. He explained that, while reviewing the pension age is not currently being considered, men who have saved enough for a pension by the age of 55 can opt for a pension annuity.
It's worth noting that, back in a Majilis meeting, some deputies advocated for reviewing the pension legislation, arguing it should not discriminate against various citizen categories. Deputy Alexander Milutin even proposed a return to a solidarity pension system, drawing parallels with successful practices in world politics where four working individuals support each pensioner. Yet, no direct mention of such a transition can be found in the current sources.
As of early 2025, Kazakhstan retains its retirement age for men at 63 and for women at 61. Though other nations are embracing pension reforms, including raising retirement ages tied to life expectancy (Norway) or boosting employer contributions (Chile), specific alternative pension funding alternatives for Kazakhstan are scant in the existing records.
In short, Kazakhstan is currently maintaining its pension system and retirement ages, without any imminent announcements of reforms akin to recent changes in other countries. But, with the conversation about potential tweaks being initiated, keep an eye out for any future updates.
- The Ministry of Labor is considering reviewing the pension age, with concerns about people not having enough time to accumulate pension savings being a primary concern.
- Kazakhstan employs an accumulative pension system, meaning the amount of pension one receives is dependent on their involvement in this system.
- Deputies in a previous Majilis meeting advocated for reviewing the pension legislation, arguing it should not discriminate against various citizen categories.
- As of early 2025, Kazakhstan retains its retirement age for men at 63 and for women at 61, while other nations are embracing pension reforms.
- With the conversation about potential tweaks being initiated, it's worth keeping an eye out for any future updates in finance, business, politics, and general-news regarding the pension system in Kazakhstan.
