Kazakhstan to increase pension contributions up to 15% - Ministry of Labor

AKIPRESS.COM - Pension contributions will grow up to 15% in Kazakhstan, the Ministry of Labor and Social Protection reported. Employers will be contributing 5% of their income to the single pension savings fund. The money will be taken from the salary of employees. This will influence the size of pension of the Kazakhstanis, the Ministry noted.
The mandatory pension contributions in the amount of 5% in favor of employees will be introduced since January 1, 2020 at the expense of employers.
The norms are adopted in 2015 and confirmed by the law on amendments to some legislative acts of Kazakhstan on pension.
Introduction of the pension contributions of the employers is aimed at improving welfare of Kazakhstanis and increase pension.
Thus, each employee will monthly get 15% of his or her salary as an individual pension: 10% - are mandatory pension contributions of the worker, 5% - pension contributions at the expense of the employee him/herself.