The pension system in Kazakhstan is extremely unfair!
Pension contributions do not take into account the devaluation of the national currency.
For example, 30 years ago, about 400 tenge, which equaled $10, was deducted from a monthly salary of 4,000 tenge. But now the pension fund continues to count that money as 400 tenge, even though $10 is currently equal to 5,250 tenge.
25 years ago, the state took $10 from employees for the pension fund and then used that money for current expenses.
And now, pensioners are not getting back $10, but 13 times less – $0.77!
In other words, the state is essentially deceiving pensioners – reducing their pension savings by tens of times! Majilis deputy and pensioner Irina Smirnova spoke about this on the QAIMAQ channel.
