Kazakhstan to revise approach to guaranteeing pension savings, labour minister says

Kazakhstan will revise its approach to guaranteeing citizens' pension savings, Labour and Social Protection Minister Askarbek Yertayev said at a briefing by the SCC. He said the guarantee of the safekeeping of pension savings is enshrined in an article of the Social Code and stressed that the changes concern only investment income.

Citizens can currently transfer their pension savings to private management companies for management. The minister said that, as a result, funds from the republican budget will no longer be placed to guarantee investment income. Yertayev explained that citizens themselves choose which private company receives their money and what investment income can be obtained, and that this is negotiated with private management companies or with the ENPF.

Tengrinews reported earlier that from 1 January 2027 the rules for protecting pension savings will change. The state will guarantee only the amount of mandatory pension contributions actually received in the account, and the erosion of these funds by inflation will no longer be compensated.