Kazakh Senate approved draft law on pension provision in 1st reading

A draft law "On pension provision" has been approved in the first reading at a plenary sitting of the Senate of the Kazakhstan's Parliament.

According to the Kazakh Ministry of Labor and Social Protection of Kazakhstan Serik Abdenov the draft provides three key trends of pension systems modernization. They are:  establishment of the unified  pension fund; introduction of  compulsory  pensions contributions  by employers to employees engaged in difficult and hazardous conditions at the rate of 5 per cent of the wage bill and the unification of the retirement age of women.

By the way, the unification of the retirement age for women will be held in stages over 10 years.

In addition, accompanying draft law "On amendments to some legislative acts of the Republic of Kazakhstan on pensions" was also approved in the first reading during the plenary meeting.