Almaty, 24 October. Minister of Labour and Social Protection Askarbek Yertayev, Unified Accumulative Pension Fund (UAPF) chairman Zhanat Kurmanov and financial market experts Bolat Zhamishev and Yelena Bakhmutova discussed mechanisms for increasing pension savings and the financial sustainability of the pension system at a working meeting in Almaty, the Ministry of Labour and Social Protection said.
Participants considered how to strengthen citizens' pension rights, broaden coverage of the pension system and increase savings over a working life. They discussed separately how future pensions are formed from state payments and the funded component, including through regular contributions by employees and employers. According to the ministry, specialists are taking into account demographics, rising life expectancy, labour market changes and international experience, and are preparing actuarial calculations and forecasts to assess the system's long-term sustainability.
The ministry did not name any specific proposals — new contribution rates, deadlines or changes to legislation.
The meeting came amid reports of a fall in the UAPF's investment income: on 23 October the National Bank said the fund's income had shrunk from about 1.1 trillion to 800 billion tenge because of the stronger tenge.
What it means: The government is preparing proposals to raise future pensions, but so far only at the stage of discussing mechanisms, without figures or deadlines.
Who benefits: Future pensioners, if the measures actually increase savings. For employers, discussion of contributions could mean an additional burden; no decisions have yet been made.
Background: A pension in Kazakhstan consists of a basic state payment, a solidarity pension for work experience before 1998 and savings in the UAPF; since 2024 employers have paid additional pension contributions for their employees.
We have also reported that the strong tenge cut the UAPF's investment income and 206 billion tenge was handed to private managers.
