Reforms in pension system under consideration in Kazakhstan

AKIPRESS.COM - Current pension system in Kazakhstan is not able to resolve housing issues of the citizens, according to the Stategic Initiatives Center, Khabar 24 reported.
More than 70% of citizens of our country, who have pension savings, have less than a million tenge. But this sum of money is not enough for initial payment to register any mortgage. Local experts offer to conduct a new reform of pension system, which will help the Kazakhstanis not only save for pension, but also collect money for housing and other social needs," they say.
Experts see one way out of this situation - a reform. They propose to apply an example of the Singaporean pension system and create a Central Savings Fund. This is a kind of an analogue to JSC Unified Accumulative Pension Fund.
According to the experts, this system can be applied in Kazakhstan. Such a complex approach can meet the interests of all sides, including the government, which will be able to legalize a "grey" economy, and employees.
A joint discussion of this issue by experts and representatives of the Ministry of Labor and Social Protection will be held on November 20.