Kazakhstan increases pension payments from January 2019 

On January 1, 2019, the solidarity pension has been indexed in Kazakhstan, “Kazinform” reports. 
 
Earlier, the minister of labor and social protection of the population of Kazakhstan Madina Abylkasymova reported that pensions are indexed in Kazakhstan annually at the beginning of the year in accordance with the instruction of the head of state. “It is carried out ahead of inflation by 2%, this year we indexed by 9%. From January 1, 2019 onwards, an additional indexation will be conducted on the level of inflation plus 2%,” the Minister noted. 
 
According to her, the new format of the basic pension envisages its increase by 67%. “About 1 million pensioners began to receive a basic pension in the amount of 100% of the subsistence minimum, it means that their basic pension has doubled. The pension consists of basic, solidary and cumulative. We annually index on inflation plus 2% for solidarity, the basic one, in accordance with the instruction of the head of state, has been increased by an average of 67%,” she explained. 
 
In addition, the Minister stressed that at the moment the level of pensions in Kazakhstan exceeds the level of pensions in all neighboring countries and in all CIS region. “The average pension with three components consists of 101,000 tenges (more than $ 260),” she concluded.