22:13 / 01.02.2021
Uzbekistan to introduce a cumulative pension system 

The Head of the Pension Fund, Abdulaziz Khaydarov, has informed the public about planned changes in the pension system.

At a press conference held on January 29, the head of the Fund about the advantages of a cumulative pension system.

According to Khaydarov, under this system citizens can invest the accumulated funds in their future.

“Our main goal is to establish a pension system that invests in the future of citizens. For example, if a citizen starts making payments at the age of 25-30, he must have the means to ensure his elderly life by the age of 60.

To do so, these funds must work. They should not be indexed below inflation. But we need to develop a mechanism to increase them at a higher level. That is, a person should have the means to ensure a good life after retirement.

For example, why do foreign nationals, when they retire, travel, visit other countries? Because they receive guaranteed funds and enjoy their old age in peace.

Our system also envisages that. We think about how to invest the accumulated funds, about the mechanism of increase income,” the director of the fund said.

We have previously reported that a number of changes are expected in the pension system and a special concept is being developed.

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.