The amount of the monthly pension benefit from the Unified Accumulative Pension Fund is determined as one twelfth of the annual amount of pension benefits calculated in accordance with the Methodology for calculating the amount of pension benefits approved by the Decree of the Government of the Republic of Kazakhstan dated 02.10.2013 No. 1042.
We remind you that from April 1, 2021, changes to the Methodology came into force, according to which the annual amount of pension payments in the first year of pension benefits is calculated as the product of the amount of pension savings and the pension savings payment rate - 6.5% (the amount of pension savings * 6, 5% / 12 = monthly benefit in the first year).
In subsequent years, the amount of the monthly pension benefit is recalculated by annually increasing the amount of the monthly pension benefit for the previous year by the indexation rate of pension benefits - 5%.
Let’s see and example:
Amount of PA = 5,000,000 tenge
The annual amount of pension benefits in the first year: 5,000,000 * 6.5% = 325,000 tenge;
The amount of the monthly pension benefit in the first year: 325,000/12 months. = 27,083.33 tenge;
The amount of the monthly pension benefit for the second year: 27,083.33+5% = 28,437.50 tenge.
For beneficiaries of certain categories: people with disabilities of groups 1 or 2, established indefinitely, as well as people who worked in hazardous industries, whose savings were formed at the expense of compulsory occupational pension
contributions in the aggregate for at least sixty months, the new Methodology for calculating pension benefits provides for correction multiplying factors.
In this case, for persons who meet more than one of the above conditions, the correction factor with the largest value is applied. It should be added that the monthly pension benefit from the UAPF is paid in the amount of at least 70 percent of the subsistence minimum established for the corresponding financial year by the law on the republican budget (For example, in 2022 this amount is 25,212.6 tenge = 70% * 36018).
If the amount of pension savings as of the date of application does not exceed twelve times the minimum pension established by the law on the republican budget for the corresponding financial year, this amount is paid to the beneficiary from the UAPF in a lump sum (in 2022, 555,624 tenge = 12 * 46,302).
In addition, if the balance of pension savings on the IPSA after the next monthly benefit is less than 70% of the subsistence minimum established for the corresponding financial year by the law on the republican budget, this balance is paid along with the amount of the next payment.
Recall that in addition to the pension benefit from the UAPF, the pensioner is entitled to benefits from the state budget in the form of a basic and PAYG pension.
The basic pension is paid to all persons who have reached retirement age. Its size depends on the seniority of the person retiring.
PAYG or solidarity pension is paid if there is at least 6 months of work experience, worked out as of January 1, 1998.
For appointment and benefit payments from the state budget and the UAPF in connection with reaching the retirement age, beneficiaries must timely contact the departments of the Government for Citizens State Corporation (PSC) at the place of residence.