On the eve of the entry into force of the Social Code, the first item on the agenda of the meeting of the Public Council was the discussion of this important document for the country. In order to clarify its main aspects, the Council invited Nazgul Sagyndykova, the Vice Minister of Labor and Social Protection of the Population of the Republic of Kazakhstan. The Vice Minister dwelled in detail on the coverage of the main novelties of the code, while drawing attention to its structure, where all the chapters are located according to the life cycle of a citizen of the country from birth to old age.
From July 1, 2023, the Social Code of the Republic of Kazakhstan (hereinafter referred to as the Code), signed by the Head of State on April 20, 2023, will come into force. The Code, among other things, provides for some changes in terms of obtaining information on the state of pension savings.
For 5 months of 2023 (in the period from January 01, 2023 to June 01, 2023), the Unified Accumulative Pension Fund provided about 10.7 million services to its contributors and beneficiaries, of which 7.4 million (69.83%) - in electronic format, 2.4 million (22.24%) - in automatic format, more than 277 thousand (2.60%) - in a remote format in the form of consultations. Thus, Kazakhstanis receive about 95% of pension services remotely.
The website enpf.kz provides a report on the management of pension assets of the NBK and IPM as of June 1, 2023. A detailed report on the investment of pension savings is posted on the website enpf.kz in the section "Indicators - Investment activity", which monthly provides information on the management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and investment portfolio managers (IPM).
Net investment income accrued to the accounts of UAPF contributors for the period from January to May 2023 amounted to KZT493.4 billion. The return on UAPF pension assets managed by the National Bank of the Republic of Kazakhstan (NBRK) over the past 12 months amounted to 11.56%.
The Open Doors Day has already become a traditional event for contributors of the Unified Accumulative Pension Fund. The main agenda this time was the topic Pension planning. Pension Calculator.
The volume of pension savings of Kazakhstanis as of June 1, 2023 amounted to KZT15.8 trillion. Since the same date last year, it has grown by almost KZT3.07 trillion or 24%.
UAPF JSC warns Kazakhstanis about the increasing cases of telephone fraud and attempts to seize the personal data of citizens.
Compulsory pension contributions (CPC) are 10% of all types of wages in monetary terms and other income that the agent (employer) pays to the UAPF to an individual pension saving account. This rule applies to employees both under an employment contract and under a civil law agreement concluded with a legal entity.
The Social Code of the Republic of Kazakhstan, which comes into force on July 1, 2023, contains rules governing the introduction of employer’s compulsory pension contributions (ECPC).
As previously reported, the Social Code comes into effect from July 1, 2023, which provides for a number of innovations regarding the accumulative pension system.
Over 1.7 million applications from approximately 1 million applicants, totaling more than 3.5 trillion tenge, have been fulfilled by the UAPF for the purpose of purchasing housing and/or medical treatment. It is worth noting that pension savings can be used by citizens an unlimited number of times within the amount of pension savings available for withdrawal from the UAPF for housing, medical treatment, or transfer to asset management companies.
From July 1 this year, the Social Code will come into force, which provides for a number of innovations regarding the pension system.
Expansion of investment opportunities for contributors