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TMA sizes remained at the same level
In accordance with the Social Code of the Republic of Kazakhstan, the UAPF annually, no later than five working days after the official publication of the law on the republican budget for the next financial year, is obliged to publish in the media, as well as on its own Internet resource, the thresholds of minimum adequacy (TMA) of pension savings, calculated for the coming year. Fulfilling this requirement, the UAPF publishes the TMA for 2024 and reports that the size of the TMA for 2024 remains at the level of the 2023 TMA. Let us recall that TMA is the minimum amount of pension savings (formed through compulsory pension contributions) required to ensure a monthly pension not lower than the minimum pension. This is the estimated amount of pension savings, which is determined based on socio-economic indicators, as well as forecast calculations of future pension contributions (based on the minimum wage) and investment profitability. In other words, the minimum sufficiency threshold is the minimum that must remain in the account so that the investor, upon reaching retirement age, receives pension benefits (taking into account the minimum basic pension benefit) not less than the minimum pension amount. The TMA is calculated in accordance with the methodology for determining the threshold for the minimum adequacy of pension savings (hereinafter referred to as the Methodology) (approved by Resolution of the Government of the Republic of Kazakhstan dated June 30, 2023 No. 521 (hereinafter referred to as Resolution No. 521)). According to the Methodology, when calculating the TMA for 2024, the following socio-economic indicators for 2024 were used: 1) minimum wage - 85,000 tenge; 2) the minimum amount of the state basic pension benefit – 28,215 tenge; 3) minimum pension – 57,853 tenge; 4) the cost of living for calculating the amount of basic social benefits – 43,407 tenge.
Maintaining the same level of TMA (no increase compared to 2023) is partly due to an increase in the forecast annual percentage rate of return. Thus, taking into account the approved socio-economic indicators and forecast calculations, the size of TMA for 2024 will remain at the current level. Video on the topic on the БЖЗҚЕНПФ Youtube channel. The UAPF was established on August 22, 2013 on the basis of GNPF APF JSC. The UAPF founder and shareholder is the Government of the Republic of Kazakhstan represented by the State Institution “Committee of State Property and Privatization” of the Ministry of Finance of the Republic of Kazakhstan. UAPF pension assets are managed by the National Bank of the Republic of Kazakhstan. From January 1, 2016, the functions for developing proposals to improve the management of pension assets were transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts compulsory pension contributions, compulsory occupational pension contributions, voluntary pension contributions, pension benefits, individual accounting of pension accumulations and benefits, provides the contributor (beneficiary) with information on the status of his pension accumulations (for more information visit www.enpf.kz)
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