Why this is important:
The rise in life expectancy and the financial strain on the Pension Fund make reform essential to ensure the sustainability of payments.
What happened:
the draft pension reform proposes to gradually raise the retirement age: men — from 60 to 63 years, women — from 55 to 58 years, adding six months annually;
a mitigated option is being considered: three months a year — the reform will be extended to twelve years;
The IMF recommends such changes, as well as automatic pension indexation, revision of calculation methods and pension contributions;
the pension fund emphasized that the final decision has not yet been made — the proposal is at the stage of public discussion and analysis.
Context
The reform concept has been tasked with developing in 2025, and is planned to be presented to the president by September.
In recent years, Pension Fund revenues have been increasing, but expenditures are growing faster – budget transfers are increasing: in 2022 – 11 trillion soums (25% of expenditures), in 2023 – 15 trillion soums (29%), by 2030 – 38 trillion soums.
