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Senate of the Parliament
of the Republic of Kazakhstan

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Senate discussed the issues of targeted use of pension savings

29.01.2020 332

The Committee for Sociocultural Development and Science of the Senate of the Parliament held a round table on the issues of targeted use of pension savings for buying housing and paying for education by citizens in work.

The event was attended by the heads and representatives of the ministries of labor and social protection, health, industry and infrastructure development, national economy, education and science, the National Bank, JSC "Unified Accumulative Pension Fund", JSC "Zhilstroysberbank of Kazakhstan" and JSC "Financial Center".

Opening the event, Chairman of the Committee Murat Baktiyaruly noted that the main purpose of the meeting is a comprehensive consideration of the issues of using part of pension savings by citizens in work to buy housing or to pay for education, which was announced in the Message of the Head of State to the People of Kazakhstan. 

Speaking to the participants, Minister of Labor and Social Protection Birzhan Nurymbetov stressed that to withdraw pension savings, men aged 30 years need to accumulate a sufficiency threshold of 6.7 million tenge, and women — 9.6 million tenge. Today, the government allows that contributors will be able to withdraw some of their savings that exceed the sufficiency threshold. "That is, the amount that they need to have in the accumulative pension fund to receive pension payments for life shall be at least not lower than the minimum pension in the country," Nurymbetov said. 

According to the Vice-Minister of Education and Science of Kazakhstan Bibigul Asylova, the agency has developed proposals for the use of part of pension savings by UAPF contributors for education. This mechanism regulates the payment of a part of pension savings for educational services by economically active citizens on the basis of the principle of repayment of funds in the framework of currently implemented programs.

As a result of the round table, the Committee on Sociocultural Development and Science of the Senate of the Parliament gave specific recommendations to the Government and the National Bank, namely: to consider the possibility of using part of pension savings to buy housing with the condition of their return; to take systematic measures to increase the income of citizens, including the minimum wage, in order to positively influence the adequacy of pensions received, and to increase the amount of pension savings that citizens in work could use to solve current needs; to provide extensive information and explanatory work and discussion of issues of modernization of the pension system, and etc.

Let us recall that on September 2, in his Message, the President of Kazakhstan Kassym-Jomart Tokayev proposed to allow Kazakhstanis to use part of their pension savings before retirement to buy housing or get education.

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