The Ministry of Labor called the average size of the pension in Kazakhstan

Since the beginning of the year, Kazakhstanis have been paid pensions in the amount of 549.3 billion tenge.

In Kazakhstan, since the beginning of the year, pensions in the amount of 549.3 billion tenge have been paid from the republican budget, of which 168.7 billion tenge for the payment of a basic pension, 380.6 billion tenge for the payment of a basic pension. As of March 1, 2023, the number of pensioners is 2 million 295 thousand people. The average size of the total pension as of March 1, 2023 amounted to 120,992 tenge, including the size of the solidarity pension - 83,089 tenge, the basic pension - 37,903 tenge," the press service of the Ministry of Labor and Social Protection of the Population of the Republic of Kazakhstan reported. Recall that from July 1, 2018, the state basic pension payment is assigned to each recipient individually, taking into account his experience of participation in the pension system. At the same time, the length of participation in the pension system includes the length of service worked out in the solidarity system on January 1, 1998, as well as the periods for which mandatory pension contributions (OPV) were paid. If the length of participation in the pension system is 10 years or less, and in its absence, the size of the basic pension is equal to 60% of the subsistence minimum, then for each year over 10 years its size increases by 2%. For example, with a participation period of 20 years, the basic pension will be 80% of the subsistence minimum. With an experience of 30 years or more, it is set in the maximum amount - 100% of the subsistence minimum. If the OPV is transferred to the Unified Accumulative Pension Fund several times in one month, the period of participation in the accumulative system is one month. Thus, the more regularly and in full the mandatory pension contributions are paid, the greater the amount of the basic pension payment upon reaching retirement age. In turn, the amount of old-age pension payments depends on the length of service as at 1 January 1998 (at least 6 months are required) and the average monthly income received during the pre-retirement period. Earlier it was reported whether Kazakhstan will revise the retirement age for women.