In 2023, pension savings of UAPF contributors increased by KZT3.2 trillion
Key indicators of the UAPF as of January 1, 2024
As of January 1, 2024, pension savings amounting to KZT17.9 trillion were formed in the accounts of contributors of the Unified Accumulative Pension Fund. In 2023, the amount of savings increased by KZT3.2 trillion or 21.8%.
The dominant amount of pension savings was formed through compulsory pension contributions (CPC) and amounted to KZT17.3 trillion (growth for 2023 - 21.6%). The amount of pension savings for compulsory occupational pension contributions (COPC) amounted to KZ568.5 billion (growth for 2023 - 27.6%), the amount of pension savings for voluntary pension contributions (VPC) amounted to about KZT5.3 billion (growth for 2023 year -48.3%).
In 2023, pension contributions in the total amount of about KZT2.2 trillion were received into the accounts of contributors, which exceeded last year’s figure by KZT434.6 billion or 25.2%. Of the total volume of contributions, 95.5% are revenues to the UAPF at the expense of CPC - KZT2.1 trillion (growth over the year - 25.3%). At the expense of COPC, over KZT95.5 billion was received (growth over the year - 24%). The volume of VPC amounted to KZT2.3 billion.
A significant increase in pension savings was achieved not only due to pension contributions from contributors, but also thanks to net investment income, which in 2023 amounted to about KZT1.6 trillion, which exceeds last year’s figures by KZT685.4 billion or 77.7% .
The number of individual pension savings accounts (IPSA) in the UAPF as of January 1, 2024 amounted to 12.3 million units. The largest number of IPSAs opened for CPC is 11,088,699 units. The number of accounts generated for COPC is 642,462 units, the number of VPC accounts in the UAPF is 397,231 units.
In 2023, the UAPF paid KZT591.3 billion to contributors, of which lump sum pension benefits (LSPB) for the purpose of improving housing conditions and medical treatment amounted to KZT284 billion, old age-related benefits - KZT150.6 billion, transfers to insurance organizations - KZT54 billion, inheritance benefits - KZT52.6 billion, payments in connection with leaving for permanent residence outside Kazakhstan - KZT39.8 billion, funeral payments - KZT7.5 billion and disability benefits - KZT2.8 billion.
It is worth noting that the average monthly pension benefit according to the schedule from the UAPF in connection with reaching retirement age was 32,202 tenge, and the maximum amount of the monthly payment was 742,692 tenge. Let us remind you that for the same period last year, the average monthly payment according to the schedule from the Unified Accumulative Pension Fund was 29,973 tenge, and the maximum monthly payment amount was 707,326 tenge.