11.07.2026, 19:00 106521

Labour Ministry Clarifies Changes to State Guarantee on Pension Savings

Labour Ministry Clarifies Changes to State Guarantee on Pension Savings
Kazakhstan's Ministry of Labour and Social Protection has responded to discussions in the media and on social media regarding proposed changes to the state guarantee on pension savings.

The ministry recalled that the state guarantee has been in place since 2003. It was introduced at a time when contributors were not allowed to choose how their pension savings were invested. Under the system, if investment returns fell below the rate of inflation, the state compensated contributors for the difference.

Contributors now have the right to choose both their pension asset management company and investment strategy. According to the ministry, under these conditions the state should not be held responsible for the outcomes of investment decisions made independently by individuals.

The ministry also stressed that the state guarantee is a one-time compensation mechanism and does not affect the amount of regular pension payments over the long term.

At the same time, the ministry emphasised that the proposed changes do not mean the state is abandoning its role in safeguarding pension savings. The pension asset management system will continue to operate under a multi-tiered system of state oversight, as before.
 

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