In pursuance of the instructions of the President of the Republic of Kazakhstan K. Tokayev and on the basis of amendments and additions to the law "On the Republican Budget for 2020-2022", providing for an increase from April 1, 2020 in the amount of the minimum pension (MP) from 38,636 tenge to 40,441 tenge and the subsistence minimum (PM) from 31,183 tenge to 32,668 tenge, the size of the following pension payments from the UAPF is increasing:
- the amount of the minimum monthly payment according to the schedule is 17,640.72 tenge (54% of the PM) (previously 16,838.82 tenge),
- the amount of a one-time pension payment in cases when the amount of pension savings on the date of application does not exceed twelve times the minimum pension amount - 485,292 tenge (previously 463,632 tenge).
In addition, the size of the state basic pension payment (basic pension) and age pension payments paid from the state budget have been increased.
The minimum amount of the basic pension is now equal to 17,641 tenge (previously 16,839 tenge) for those whose combined work experience and experience of participation in the pension system is less than 10 years. For each year of labor participation, 2% of the PM is added. The maximum amount of the basic pension with a work experience of 33 years or more is 100% PM or 32,668 tenge.
The amount of the minimum pension has been increased to 40,441 tenge and applies to those who have the calculated amount of the pension payment by age in full assigned at least the minimum pension amount.
On behalf of the Head of State, pensions and state benefits were indexed by 10% in annual terms.
Since January 1, 2020, an annual indexation of the size of the basic pension has been carried out, taking into account the inflation rate by 5%, and pension payments by age and length of service – by 7% (ahead of the inflation rate by 2%).
Starting from April 1, 2020, the size of pension payments by age and for years of service will be additionally increased by 5% of the amount received.
Thus, the total amount of pensions of Kazakhstanis – basic pension payments, age pension payments and cumulative pension payments from the UAPF - has increased.
UAPF was established on August 22, 2013 on the basis of JSC "NPF "GNPF". The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan. The trust management of pension assets of the UAPF is carried out by the National Bank of the Republic of Kazakhstan. Since January 1, 2016, the functions of developing proposals to improve the efficiency of pension assets management have been transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts mandatory pension contributions, mandatory occupational pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, provides the depositor (recipient) with information on the status of his pension savings (more on www.enpf.kz ).