Minimum wage and pensions may increase in Kazakhstan

inbusiness.kz

Minimum wage may be raised in Kazakhstan. Experts are already working on a special roadmap. This was announced today at a meeting of the Mazhilis, the Lower House of the Kazakh Parliament. The minimum salary in the country was raised quite significantly two years ago from 28,284 tenge (US$68) to 42,500 tenge (US$102). The government spent nearly 260 billion tenge (US$626.5 million) on this. Members of the Mazhilis said that now this issue will be raised again, but the experts will still take into account the economic situation in the country and the real capabilities of the state.

“The government is currently conducting a study of the country’s macroeconomics related to the assessment of the effects of the minimum wage increase. On the basis of its results, the necessary measures aimed at improving the welfare of Kazakh citizens will be taken,” said Askar Mamin, Kazakh Prime Minister.

The issue of pension enlargement was also commented upon. In response to a question raised by the MPs, Mamin underlined that the pension program is being modernized this year. Many criteria of granting the pension benefits are being improved. For example, it is planned to increase the minimum pension from 54 percent to 70 percent of the subsistence minimum. The minimum length of the employee’s service will also be reduced from 10 to five years.

 

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