Tengrinews.kz - From January 1, 2025, due to the growth of pension savings, annual increase in social parameters and indexation of payments, the increase in the size of pension payments from the Unified Accumulative Pension Fund (UAPF) will continue for those who are just starting or continue to receive their funded pension, according to the press service of the pension fund.
As recalled by the UAPF, the funded pension of each contributor depends on the amount of his pension savings formed through pension contributions and accumulated investment income. Upon reaching retirement age or other conditions stipulated by the Social Code, the contributor begins to receive regular payments from the pension fund.
Payments from the UAPF are made according to the methodology for calculating the amount of pension payments approved by the government decree of June 30, 2023. In accordance with the methodology, the monthly payment to citizens retiring is calculated as follows: in the first year of receiving payments, the amount of pension savings is multiplied by the pension savings payment rate of 6.5% and divided by 12.
In subsequent years, the monthly payment is increased by the pension payment indexation rate of 5%. In this case, the monthly payment from UAPF is made in the amount of not less than 70% of the subsistence minimum (SM) established for the relevant financial year by the law on the republican budget (in 2025, the SM is 46 228 tenge). The maximum amount of payments from UAPF is not limited and depends on the amount of the recipient's pension savings.
"For persons with disability groups 1 or 2, established indefinitely, as well as persons who have reached retirement age, for whom mandatory professional pension contributions have been paid in total for at least sixty months, the methodology provides for correction factors that increase the calculated amount of the monthly pension payment. For persons who meet more than one of the above conditions, the correction factor with the highest value is applied," the UAPF reported.
Pension payments from the UAPF are made until the pension savings in the individual pension account are exhausted. Since individual pension savings are the property of the depositor, they are also inherited in the general manner provided for by civil law, the pension fund added.
Earlier we wrote about how much pensions and benefits increased from January 1 in Kazakhstan.
