Starting from January 1, 2024, the current accumulative system will be supplemented with a new conditional accumulative component - mandatory pension contributions from the employer (hereinafter referred to as OPVR).
OPVR - money transferred by agents at their own expense to a conditional pension account in accordance with the procedure established by the legislation of the Republic of Kazakhstan.
The OPVR rate is the amount of the agent's payment to the UAPF, expressed as a percentage of the employee's income accepted for calculating the OPVR.
UPS is a conditional pension account opened in the name of an individual in the UAPF, which takes into account information on received OPVR and other receipts in accordance with the legislation of the Republic of Kazakhstan, as well as information on the amount of pension payments at the expense of OPVR for the corresponding financial year
OPVR will be transferred at the expense of the agent's own funds (legal entities, individual entrepreneurs), persons with other paid jobs (elected, appointed or approved) and only for employees born after January 1, 1975. The value of the OPVR is determined from the monthly income of the employee, which is accepted for calculating the OPVR:
At the same time, the monthly income of an employee accepted for calculating the OPVR must be at least the minimum wage (the minimum wage established for the corresponding financial year by the law on the republican budget) and must not exceed 50 times the minimum wage established for the corresponding financial year by the law on the republican budget.
For tax agents who have chosen to pay OPVR as part of a single payment specified in Chapter 89-1 of the Code of the Republic of Kazakhstan "On Taxes and Other Mandatory Payments to the Budget" (Tax Code), the share of OPVR in the rate of a single payment from wages is:
- from January 1, 2024 – 7.0 percent;
- from January 1, 2025 – 10.5 percent;
- from January 1, 2026 – 14.1 percent;
- from January 1, 2027 – 17.4 percent;
- from January 1, 2028 – 19.0 percent.