Kazakh labor minister admits there are problems with pension savings funds
ASTANA. January 24. KAZINFORM Minister of Labor and Social Protection Serik Abdenov has recently admitted the work of Kazakhstan's pension savings funds is inefficient.
After President Nazarbayev strongly criticized the work done by the funds, the Government together with experts of the World Bank carried out an analysis, spanning the work of those financial institutions from 1998 up until now. As a result, a number of problems were identified by the foreign experts. On its part, Abdenov's ministry initiated its own inspection that exposed some serious problems as well.
"Based on the inspection findings, we've detected at least 750 inactive accounts, belonging to people who either passed away or no longer reside in Kazakhstan," Minister Abdenov noted.
According to him, the merger of all pension savings funds into one, proposed by President Nursultan Nazarbayev, is a timely measure.