The proposals were announced by Murod Otajonov, Director of the Pension Fund.
According to Otajonov, the current pension calculation takes into account a maximum monthly salary of UZS 6 million, regardless of how much a person actually earns. As a result, an employee with a monthly salary of UZS 15 million can receive a maximum pension of around UZS 3.3 million.
The proposed reform would increase this salary ceiling, allowing higher earners to qualify for larger pension payments.
Another key proposal is the introduction of a voluntary funded pension scheme. Under the plan, employees who choose to contribute 5% of their salary to the Pension Fund would receive an additional contribution from the state equal to 50% of the amount they pay.
Otajonov illustrated the proposal with an example. Under the current system, a person earning UZS 7 million per month would accumulate around UZS 5 million in funded pension savings over 20 years. Under the proposed scheme, the same period of contributions could generate approximately UZS 126 million.
The reform package also proposes changing the way pensions are calculated. Instead of being based on earnings from any five years within the last 10 years of employment, pensions would be calculated using income earned over a 20-year period.
In addition, the Pension Fund plans to launch a mobile application called My Pension. The app would allow users to monitor their employment history, salary records, social tax contributions, and accumulated pension savings in real time.
