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The Ministry of Labor and Social Protection of the Population is working on making amendments and additions to the Concept for further modernization of the pension system of the Republic of Kazakhstan until 2030, the Kapital.kz business information center was told by the press service of the department.

Proposals for further improving the pension system were developed by a working group created in 2019 under the Government of the Republic of Kazakhstan based on the construction of long-term actuarial models. An important direction in this work is the improvement of the system of minimum guarantees.

The current concept provides for the transition from the basic pension payment to the minimum guaranteed pension from 2028. Therefore, the mechanism for assigning a minimum guaranteed pension is based on the current methodology for assigning a basic pension, but with the improvement of certain parameters.