Kazakh Premier instructs to create a working group on draft concept of modernizing pension system before 2030

"The President returned a draft law to the Parliament for the second discussion and vote in the term of introducing rules to raise the retirement age for women. The President proposed to begin a phased increase in the retirement age for women not to January 1, 2014, but from January 1, 2018, " stated Akhmetov.

Akhmetov says that the President instructed the Government before the new legislation comes into force, to consider issues of legislative support of a number of proposals. In particular, to provide subsidies for compulsory pension contributions for working women during their stay on leave for the birth and care of her children at the expense of budget funds. Total payments to the pension savings fund will be increased to 10 percent of their former income. There will be additional 5 percent of mandatory contributions from employers for the benefit of their employees. There will take place staged increase of rates of compulsory employer pension contributions by 5 percent.

In addition, the Government instructed to develop a set of measures to further modernize the pension system until 2030, as well as mechanisms for effective investment of pension assets in the projects of most promising sectors of economy.

"We need to proceed without delay to the execution of orders of the Head of state", said Akhmetov.

In this regard, he ordered to establish a working group headed by Deputy Prime Minister Kairat Kelimbetov, which will prepare proposals and related calculations as well as the draft Concept of further modernization of the pension system until 2030.

"In accordance with the request of the President, the concept should provide for joint and several liability of the state, the employer and the employee for the social protection of Kazakhstan", concluded the Prime Minister.