As of February 1, 2024, pension savings of Kazakhstanis amounted to more than KZT18.1 trillion. In the first month of 2024, their increase amounted to about KZT240.5 billion (1.3%). Compared to the same date last year, the volume of pension savings increased by KZT3.3 trillion (21.9%).
The main amount of pension savings was formed through compulsory pension contributions (CPC) and amounted to more than KZT17.5 trillion (growth over the year - 21.7%). The amount of pension savings for compulsory occupational pension contributions (COPC) amounted to about KZT578.2 billion (an increase over the year - 26.9%), the amount of pension savings for voluntary pension contributions (VPC) amounted to more than KZT5.5 billion (an increase over the year – 50.1%).
Let us remind you that from January 1, 2024, the current funded system has been supplemented with a new conditional funded component – employer’s compulsory pension contributions (hereinafter referred to as ECPC. The value of the ECPC is calculated from the monthly income of each employee: from January 1, 2024 in the amount of 1.5% with an annual increase to 5% in 2028. Benefit payments from the ECPC will begin to be received by employees who retire in 2038. This measure is aimed at supporting Kazakhstanis born after 1975, the size of whose pensions will directly depend on their pension contributions. In the first month of 2024, the amount of pension savings at the expense of the ECPC amounted to more than KZT1.1 billion.
The amount of pension contributions for the first month of 2024 reached KZT187.7 billion, which is 20% or KZT31.7 billion higher than last year. Of the total volume of pension contributions, 93.7% are revenues to the UAPF at the expense of CPC (more than KZT175.9 billion, growth over the year - 20%). More than KZT10.3 billion was received through COPC (growth over the year - 15%). The volume of VPC amounted to KZT291 million (growth over the year - 75%), CPCP - more than KZT1.1 billion.
Net investment income accrued to individual pension savings accounts of UAPF contributors since the beginning of the year amounted to more than KZT109.6 billion, which exceeds the same period last year by KZT45.7 billion or 72%.
The number of individual pension savings accounts (IPSA) in the UAPF as of February 1, 2024 was at the level of 12.3 million units, including CPC - about 11.1 million, COPC - about 646 thousand, VPC - 403.3 thousand. Number of notional pension savings accounts in the Unified Accumulative Pension Fund as of February 1, 2024, which take into account information about received ECPC and other income in accordance with the legislation of the Republic of Kazakhstan (NPSA), amounted to more than 269 thousand units.
In the first month of 2024, the UAPF paid out more than KZT63.4 billion, of which age payments amounted to KZT15.5 billion, lump-sum pension benefits (LSPB) to improve housing conditions and medical treatment - more than KZT28.6 billion, transfers to insurance organizations - KZT10.8 billion, inheritance benefits - KZT4.4 billion, benefit payments in connection with leaving for permanent residence outside Kazakhstan - KZT2.8 billion, burial payments - KZT966.9 million and disability benefits - KZT280.4 million.
The amount of the average monthly pension benefit according to the schedule from the UAPF in connection with reaching retirement age was 34,162 tenge, and the maximum amount of the monthly pension benefit was 945,752 tenge. Let us recall that for the same period last year, the average monthly benefit payment according to the schedule from the Unified Accumulative Pension Fund was 32,040 tenge, and the maximum monthly payment amount was 742,692 tenge.
All relevant information on statistical data on pension assets, including by region of the republic, is posted on the enpf.kz website in the “Indicators” section.
