Public discussion of a project to raise thresholds for withdrawing pension savings in Kazakhstan has ended: the document on the 'Open NPA' portal received not a single 'for' vote. 22 users opposed it, leaving over 40 comments. Citizens are also dissatisfied that the document with specific parameters and a new calculation methodology was not published.
The government proposes raising withdrawal thresholds to the inflation rate, allegedly to ensure a decent pension for Kazakhstani. However, experts disagree. Political scientist and economist Aidar Alibayev: 'I would, on the contrary, reduce it. Because against the background of the small pension from UAPF, people should be given the opportunity to receive treatment. But I would reduce the possibility of withdrawing money for housing, as it does not fit the social concept of pension provision.'
Economist Meruert Makhmutova believes the problem is deeper. In her opinion, early withdrawal of funds from UAPF was populist. Out of over 11 million accounts, only about 4.5 million people make regular contributions, and mainly 7% of wealthier citizens withdraw money. 'We have a very low replacement rate. Therefore, I would completely ban the possibility of withdrawing pension savings,' she says.
The Ministry of Labor has not yet commented on the project's fate, promising a response tomorrow. The National Bank, which manages pension assets, supports raising the thresholds. One Majilis deputy believes that eventually, the thresholds will be raised.
