Only few of Kazakhstanis can use pension savings for personal needs

AKIPRESS.COM - Only a few part of contributors of the Unified Accumulative Pension Fund will be able to use their pension savings for purchase of housing or treatment, Head of the Zhilstroysberbank of Kazakhstan Lyazzat Ibragimova said at the government session on Monday.
According to her, the statistics shows that the volume of social pension, which is paid from the state budget is annually rapidly growing.
"When a person retire, his or her payments should make 70% of salary. In other words, the replacement rate recommended by the World Labor Organization is 0.7. However, the calculations reveal that the volume of such pension savings is observed only in a few number of citizens," Ibragimova noted.