Since the beginning of the year, pension savings of Kazakhstanis have increased by 1 trillion tenge.

Key indicators of the Unified Accumulative Pension Fund as of May 1, 2023

As of May 1, 2023, pension savings totaling 15.68 trillion tenge were accumulated in the individual accounts of contributors (beneficiaries) of the Unified Accumulative Pension Fund. Since the beginning of the year, their growth as of May 1, 2023, amounted to 1 trillion tenge (6.9%). Compared to the same date last year, the volume of pension savings has grown by 2.74 trillion tenge (or 21.1%).

This increase is based on incoming contributions and investment income, as well as outgoing pension payments, including scheduled and lump sum payments for housing and medical treatment, inheritance, burial, permanent residence, etc. Pension contributions for the first four months of 2023 totaled 663.42 billion tenge, a 27% or 139.88 billion tenge increase compared to the same period last year. It should be noted that the increase compared to the same period last year was across all types of contributions: 27% for mandatory pension contributions (MPC), 24% for open pension contributions (OPP), and 73% for voluntary pension contributions (VPC).

96.9% of Kazakhstani citizens' savings are formed through mandatory pension contributions (MPC). As of May 1, 2023, the MPC amounted to 15.18 trillion tenge (an increase of 20.9% year-over-year and 6.8% since the beginning of the year). Pension savings from mandatory professional pension contributions (MPPC) amounted to 487.84 billion tenge, an increase of 29.3% since May 1 of last year and 9.5% since the beginning of this year. Voluntary pension contributions (VPC) demonstrated the largest increase of more than twofold over the year, reaching 4.12 billion tenge.

Net investment income accrued to individual pension accounts of UAPF contributors since the beginning of the year amounted to approximately 469.04 billion tenge. Overall, net investment income provided by the National Bank since 2014 (the completion of the consolidation of all pension assets into the UAPF amounted to 7.4 trillion tenge.

The share of accumulated net income in the structure of pension savings, taking into account payments made, as of May 1, 2023, was 36.4%.

As of May 1, 2023, the number of individual pension accounts in the UAPF amounted to 12.16 million, including approximately 11 million for mandatory pension contributions, 610,500 for open pension contributions, and 370,600 for voluntary pension contributions.

Since the beginning of the year, the UAPF has paid out approximately 134.7 billion tenge. Old-age pension payments as of May 1, 2023, increased by 31% compared to the same period last year, amounting to 48.6 billion tenge (36.08% of total payments). One-time pension payments for housing improvements and medical treatment amounted to 48.7 billion tenge (36% of total payments)—17 times less than in the same period last year. Since the beginning of the year, inheritance payments totaling 16.74 billion tenge have been made, payments related to leaving Kazakhstan for permanent residence totaled 11.93 billion tenge, disability payments totaled 903.5 million tenge, and funeral payments totaled 1.8 billion tenge. Approximately 6 billion tenge have been transferred to insurance companies.

The average scheduled monthly payment from the ENPF (in connection with reaching retirement age) was 32,090 tenge, and the maximum monthly payment was 742,692 tenge. As a reminder, for the same period last year, the average scheduled monthly payment from the UAPF was 29,360 tenge, and the maximum monthly payment was 707,326 tenge.

All up-to-date statistical data on pension assets, including by region, is available on the enpf.kz website in the "Indicators" section.

The UAPF was established on August 22, 2013, on the basis of JSC "NPF "UAPF." 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 National Bank of the Republic of Kazakhstan exercises trust management of the UAPF's pension assets. Effective January 1, 2016, the functions of developing proposals to improve the efficiency of pension asset management were transferred to the National Fund Management Council. In accordance with pension legislation, the UAPF collects mandatory pension contributions, mandatory professional pension contributions, voluntary pension contributions, makes pension payments, maintains individual records of pension savings and payments, and provides depositors (recipients) with information on the status of their pension savings (more information at www.enpf.kz).