The chief of the Pension Fund, Abdulaziz Khaydarov, at a press conference held on January 29, briefed about the planned changes in the pension system.
“Our main goal is to establish a pension system in which citizens can invest in their own future. For example, if a citizen starts making payments at the age of 25-30, he must have the cash to ensure his elderly life by the age of 60.
“To do so, this cash must work. They must not be adjusted below inflation rates. But we need to develop a mechanism to increase them at a higher rate. That is, a person should have the money to ensure a decent retirement.”
“For example, why do foreign nationals, when they retire, travel, visit other countries? Because they receive guaranteed money.”
"Our system also envisages that. We think about how to invest the accumulated cash, on the mechanism of how to increase income", he said.
“It is planned to introduce a three-tier pension system, gradually increase the minimum pension, guarantee the pension to citizens who have completed the minimum period of service, gradually increase the upper-income limit.”
