Society • 29 January, 2020

Pension savings use discussed at the Senate

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The Committee for socio-cultural development and science of Senate held a round table on the issues of targeted use of working citizens' pension savings for housing or education goals.

Minister of labor and social protection Birzhan Nurymbetov stressed that to withdraw pension savings, men aged 30 need to have 6.7 million tenge savings, and women 9.6 million tenge. Today, the government believes that depositors will be able to withdraw some of their savings that exceed the sufficiency threshold.

"That is, the amount that they need in the accumulative pension Fund to receive pension payments for life is at least not lower than the minimum pension in the country," Nurymbektov said.

The Committee for socio-cultural development and science of Senate, the Government and the National Bank were given specific recommendations, namely to consider the use of part of pension savings for the purchase of housing on condition of repayment, to take systematic measures to improve incomes, including the minimum wage with the aim of positive influence on the adequacy of the resulting pension and increase the amount of pension savings that working citizens can use to address current needs, provide a wide range of information and awareness-raising activities and discuss issues related to the modernization of the pension system.

Recall that on September 2, in his Address, President of Kazakhstan Kassym-Jomart Tokayev proposed to allow Kazakhstanis to use part of their pension savings before going on a well-deserved vacation to buy housing or get an education.

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