In Uzbekistan, it was proposed to extend the retirement age by at least 5 years

The retirement age in Uzbekistan should be extended by at least 5 years. Economist Otabek Bakirov commented on this on his Twitter page.

According to the economist, the current system can no longer carry the load.

"The retirement age should be raised to at least 5 years. The current system can no longer handle the load. "This will not help if we do not switch to the pension system with individual savings," the expert wrote.

Currently, the number of pensioners and pensioners in Uzbekistan is close to 4.5 million people.

According to the Law "On the State Budget of the Republic of Uzbekistan" for 2023, the amount of transfers from the state budget to the Pension Fund is expected to be 15 trillion soums. The Deputy Minister of Economy and Finance Dilshod Sultanov announced at a press conference in March of this year that 14.5 trillion soums of foreign debt will be attracted for the Pension Fund.

"More than 3 billion dollars of foreign debt is used to support the budget. For example, one of the two largest expenses this year - our transfer to the Pension Fund is expected to be 15 trillion soums. The reason is that people are not actively paying taxes. Many people hide their salaries, try to avoid paying taxes and understate their salaries. Because of this, the pension deficit is increasing," said the deputy minister.

Earlier, it was reported that the retirement age in Uzbekistan is lower than in other countries of Central Asia. In particular, as of June 2023, the retirement age for citizens of Uzbekistan is 60 years for men and 55 years for women.

In Kazakhstan, men can retire at the age of 63, and women at the age of 61. In Kyrgyzstan, the retirement age for men is 63, and for women is 58. In Tajikistan, men retire at the age of 63 and women at the age of 58, while in Turkmenistan, men have the right to retire at the age of 62 and women at the age of 57.

For information, 5% of employees working in state organizations of Uzbekistan are considered to be of retirement age.

Source: daryo.uz