Nazarbayev signs pension reform law

Kazakhstan President Nursultan Nazarbayev has signed laws on pension coverage in Kazakhstan and amendments to certain legislative acts of Kazakhstan on pension coverage reforming the existing pension system, Tengrinews.kz reports citing the President’s press-secretary Dauren Abayev.

The laws are called to create conditions for modernization of the pension system, ensuring its financial stability, accumulation and growth of the pension savings, as well as transparency of pension savings management, Abayev said.

According to the law, the retirement age for women will be gradually raised starting from January 1, 2018.

Meanwhile, the President instructed the Government to take several additional measures on social protection of Kazakhstan citizens. Such measures were mentioned in the President’s State of Union Address.

Nursultan Nazarbayev earlier  returned the pension reform draft to the Parliament . He suggested the parliament to consider starting the gradual raise of the retirement age for women from January 1, 2018 instead of 2014 that they voted for. The President also instructed to take additional measures for social protection of the citizens and especially of the women of pre-retirement age, before the new law on modernization of the retirement system comes into effect.

According to the President, the government and the Labor Ministry failed to successfully represent the draft law in public discussions and assert its importance in the people’s minds.

Kazakhstan Minister of Labor and Social Protection  Serik Abdenov was dismissed later.