Maximum amount of average salary may be increased to calculate pension

At a meeting on Saturday, members of the committee first discussed the issue of amending the law “On state pensions of citizens”.

According to the bill proposed by deputies, it is planned to increase the maximum amount of the average salary for calculating pensions from 10 to 12 basic calculating amount of pension (BCAP).

That is, the average monthly salary of a citizen is 10 BCAPs (from May 1, 2022 - 324,000 soums) (324000 × 10 = 3 240,000) is taken into account when assigning a pension.

The press service of the Pension Fund under the Ministry of Finance clarified that it is proposed set this limit as 12 BCAPs (324000 × 12 = 3,888,000).  

“It is beneficial to citizens - for example, when assigning a pension to a citizen with a high income, for example, 3,700,000 a month, only 3,240,000 used to be taken into account, and the rest was not considered. It is now proposed to take into account 3,888,000 soums in the assignment of pensions, which will significantly increase the amount of pensions,” the Pension Fund said.

It was added that this change will not affect citizens whose monthly salary is less than 10 times.

At the meeting, committee members gave an initially positive opinion on the bill. The document will now be discussed at the next meeting of the Council of the lower house.  After that, if deputies approve the bill in three readings, the document will be adopted and sent to the Senate.

It should be recalled that the current procedure for calculating pensions, which is 10 BCAPs, was established by the presidential decree (No. 5597) of January 1, 2019.