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Kazakhstan to transform basic pension into guaranteed minimum pension

March 14 2013, 13:10

As part of expanding the coverage of the employed population by pension system services it is planned to transform the basic pension into a guaranteed minimum pension, Minister of Labor and Social Protection Serik Abdenov announced on March 12.

"It is planned to take a set of measures to formalize employment and income of wage earners, self-employed population and encourage their participation in pension savings through greater guarantees of a minimum pension. For this purpose it is planned to transform the basic pension into a guaranteed minimum pension," Abdenov said.

According to the Ministry of Labor, the total number of employed population as of January 1 this year is 8.5 million, of which - 5.7 million people are contributors to the national pension system.

In turn, according to the agency, the number of persons engaged in pension contributions regularly 12 times a year is only 3.7 million, and it is about 41% of the economically active population.

The Minister noted that the small number of contributors to pension system "is a serious problem and if do not take timely action, these people will have no pension benefits and will join the ranks of socially vulnerable groups of the population."

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