Kazakhstan to recalculate basic pensions
13:39, 15 July 2014
ASTANA. KAZINFORM - Kazakhstan is set to recalculate basic state pensions for 2 million of its citizens in 2017. Minister of Labor and Social Protection of Kazakhstan Tamara Duissenova announced the news at a press conference at the KazMedia Center.
The Government plans to earmark KZT 275 billion to this end. "As of July 1, 2017 the basic state pension will be recalculated based on job tenure. The more the job tenure is, the higher pension the person will get," Minister Duissenova elaborated. Concept of further modernization of the state pension system until 2030 has been developed on instruction of President Nursultan Nazarbayev.