Since the beginning of the year, pension savings of Kazakhstanis have increased by KZT2.7 trillion
Key indicators of the UAPF as of December 1, 2023
As of December 1, 2023, pension savings in the amount of KZT17.4 trillion were formed in the individual accounts of contributors (beneficiaries) of the Unified Accumulative Pension Fund. Since the beginning of the year, their increase as of December 1, 2023 amounted to KZT2.7 trillion (18.4%). Compared to the same date last year, the volume of pension savings increased by almost KZT3 trillion or 20.5%.
The increase is formed taking into account incoming flows in the form of contributions and investment income, as well as outgoing flows in the form of pension payments, including scheduled and one-time payments for housing and treatment, for the purposes of inheritance, burial, travel for permanent residence, etc.
The amount of pension contributions for 11 months of 2023 amounted to KZT1,927.3 billion, which is 25.4% or KZT390.4 billion higher than last year. Let us note that the increase compared to the same period last year occurred in CPC – 25.5%, COPC – 23.9%, VPC – 0.8%.
96.8% of the savings of Kazakhstanis are formed through compulsory pension contributions (CPC). As of December 1, 2023, the volume of CPC amounted to KZT16.8 trillion (an increase over the year - 20.3%, since the beginning of the year - 18.2%). The amount of pension savings for compulsory occupational pension contributions (COPC) amounted to KZT553.3 billion, having increased by 26.9% since December 1 last year, and by 24.2% since the beginning of this year. The largest increase (52.3% over the year, 43.1% since the beginning of the year) was shown by savings on voluntary pension contributions (VPC), the volume of which amounted to KZT5.1 billion.
Net investment income accrued to individual pension saving accounts of UAPF contributors since the beginning of the year amounted to about KZT1,245.7 billion.
Outgoing flows in the form of benefits from the UAPF since the beginning of the year as of December 1, 2023 amounted to about KZT531.4 billion. At the same time, a significant part of this amount consists of lump sum pension benefits (LSPB) for improving housing conditions and medical treatment - more than KZT255.4 billion, which is 71.7% lower than last year.
Payments in connection with reaching retirement age amounted to KZT139.6 billion.
Inheritance payments were also made - KZT48.3 billion, payments in connection with leaving for permanent residence outside the Republic of Kazakhstan - KZT37.2 billion, payments to persons with disabilities - KZT2.5 billion, funeral payments - KZT6.8 billion. KZT41.4 billion were transferred to insurance organizations.
Note that the amount of the average monthly benefit according to the schedule from the UAPF (in connection with reaching retirement age) was 32,138 tenge, and the maximum amount of the monthly benefit was 742,692 tenge. Let us remind you that for the same period last year, the average monthly benefit according to the schedule from the Unified Pension Fund was 29,876 tenge, and the maximum monthly benefit amount was 707,326 tenge.
The number of individual pension saving accounts in the UAPF as of December 1, 2023 is 12.3 million units, of which: 11.1 million - for CPC, 637,958 - for COPC, 393,844 - for VPC.
All relevant information on statistical data on pension assets, including by region of the republic, is posted on the enpf.kz website in the “Indicators” section.
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)