Kazakhstanis Have Increased Pension Savings by 1 Trillion Tenge

Photo by: NUR.KZ / Vladimir Tretyakov

Since the beginning of the year, the pension savings of Kazakhstanis increased by 1 trillion tengeDKNews.kz reports.

As of May 1, 2023, pension savings in the amount of KZT15.68 trln were formed on the individual accounts of contributors (beneficiaries) of the Unified Accumulative Pension Fund. Since the beginning of the year, their growth as of May 1, 2023 amounted to KZT1 trln (6.9%). Compared to the same date last year, the volume of pension savings increased by KZT2.74 trln (or 21.1%).

The increase is formed taking into account incoming flows in the form of contributions and investment income, as well as outgoing - in the form of pension benefit payments, including according to the schedule and lump sums - for housing and medical treatment, for the purposes of inheritance, burial, departure for permanent residence, etc. 

The amount of pension contributions for 4 months of 2023 amounted to KZT663.42 bln, which is 27% or KZT139.88 bln more than last year. It should be noted that the growth compared to the same period last year occurred for all types of contributions: for CPC - 27%, COPC - 24%, VPC - 73%

96.9% of the savings of Kazakhstanis formed at the expense of compulsory pension contributions (CPC). As of May 01, 2023, the volume of CPC amounted to KZT15.18 trln (an increase over the year - 20.9%, since the beginning of the year - 6.8%). The amount of pension savings on compulsory occupational pension contributions (COPC) amounted to KZT487.84 bln, having increased by 29.3% since May 1 last year, and by 9.5% since the beginning of this year. The maximum increase of more than 2 times over the year was demonstrated by the accumulation of voluntary pension contributions (VPC), the volume of which amounted to KZT4.12 bln.

Net investment income accrued to individual pension saving accounts of UAPF contributors since the beginning of the year amounted to about KZT469.04 bln. In general, the net investment income provided by the National Bank since 2014 (the end of the process of merging all pension assets into the UAPF) amounted to KZT7.4 trln.

The share of accumulated net income in the structure of pension savings, taking into account payments made, as of May 1, 2023, was 36.4%.

The number of individual pension accounts in the UAPF as of May 1, 2023 amounted to 12.16 million units, including about 11 million for CPC, 610.5 thousand for COPC, and 370.6 thousand for VPC.

Since the beginning of the year, UAPF has paid about KZT134.7 bln. As of May 01, 2023, benefit payments by age increased by 31% compared to the same period last year and amounted to KZT48.6 bln (share in total payments - 36.08%), lump-sum pension benefit payments for improving housing conditions and medical treatment - KZT48.7 bln (share in total payments - 36%) - this is 17 times less than in the same period last year. Also, since the beginning of the year, inheritance payments have been made - KZT16.74 bln, payments in connection with leaving for permanent residence outside the Republic of Kazakhstan - KZT11.93 bln, disability benefits - KZT903.5 mln, funeral payments - KZT1.8 bln. About KZT6 bln was transferred to insurance organizations. 

The size of the average monthly benefit according to the schedule from the UAPF (in connection with reaching the retirement age) amounted to KZT32,090, and the maximum amount of the monthly benefit was KZT742,692. Recall that for the same period last year, the average amount of monthly payments according to the schedule from the UAPF amounted to KZT29,360, and the maximum amount of a monthly benefit - KZT707,326.

All relevant information on statistical data on pension assets, including in the context of the regions of the republic, is posted on the enpf.kz website in the "Indicators" section.

DKNews International News Agency is registered with the Ministry of Culture and Information of the Republic of Kazakhstan. Registration certificate No. 10484-AA issued on January 20, 2010.

МИА «DKNews» © 2006 -