Uzbekistan recommends raising retirement age

Uzbekistan recommends raising retirement age

 

The International Monetary Fund (IMF) has recommended a gradual increase in the retirement age (currently 60 for men and 55 for women) in Uzbekistan to stabilize the pension system. This was stated in the official conclusion of the Fund's visit to the country.

It also noted the need for the following measures:

* automatic indexation of pensions based on inflation;
* calculation of pensions based on average earnings during the working period;
* increase in the standard rate along with the abolition of preferential contributions.

The IMF also recommends strictly targeting benefits based on need and managing them in close connection with other types of social assistance.

Currently, the number of pensioners in Uzbekistan has reached 4.2 million, which is more than 11 percent of the population. However, pensioners who worked in law enforcement systems are not included in these statistics.