Kazakhstan to increase pensions, allowances from Jan 2016

Concept of the further modernization of the pension system of Kazakhstan until 2030 provides that the amount of cumulative pension will be indexed annually ahead of inflation by 2%. According to the forecast of socio-economic development, growth index for consumer prices was 6.8%. In this regard, in January 2016 the size of pay-as-you-go pension payments will be increased by 9%. In addition, from January 1, 2016 amount of state social benefits for disability, survivor and old age will be increased by 7% due to changed minimum subsistence level. In response to the Address of President Nursultan Nazarbayev as of January 17, 2014 "Kazakhstan's way - 2050: The overarching goal, common interests, common future", the size of state social benefits for disability and survivor from January 1, 2016 will be increased by additional 25 %. NOTE: As of December 1, 2015 about 1.9 million pensioners live in Kazakhstan. About 664.6 thousand Kazakhstanis receive social benefits.