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Kazakhstan to introduce a mandatory retirement employer’s contributions in 2018

by October 11, 2016 General

“Since January 2018, additional 5-mandatory employer pension contributions will be introduced to strengthen the role of the employer in the pension provision of citizens,” B. Nurymbetov said.

Expenditures are related to the employees in budget sphere, therefore, according to the vice minister, the amount of expenditure will amount to 81 billion tenge in 2018, in 2019 – 82.7 billion tenge.

It should be noted that the procedure for appointing the basic pension depending on the length of participation in the pension system will change since July 1, 2018 .

In addition, the reform of social assistance system through the implementation of targeted social assistance of the new format will be carried out within the implementation of the 84th step of the Plan of the nation from January 1, 2018.

“Targeted social assistance of the new format will be introduced by converting the existing three types of payments. In this connection, all the measures which have a per capita income below 50% of the subsistence minimum will be provided,” Deputy Minister said.

Source: The Prime Minister of Kazakhstan