Azernews.Az

By Kamila Aliyeva

The Uzbek government plans to provide allowances for pension payments in the amount of 10 percent of the minimum wage.

According to the presidential decree, the pensions might be increased from eight to ten times the size of the minimum wage.

The authorities plan to achieve this through the provision of allowances in the amount of 10% of the minimum wage for each year of work experience after 35 years for men and 30 years for women.

In addition, in the near future the pension will be fully paid to working pensioners, and 50 percent of the amount will be directed to those residing in nursing homes for pensioners and disabled people.

“The pension system remains impersonal and equalizing, which means that most of the able-bodied population is not covered by state social insurance. The analysis showed that in the medium and long term, a number of factors could negatively affect the pension system,” the document said with regards to the current situation with the pension system in Uzbekistan.

The size of minimal pension in the republic increased by an average of 7 percent from 15 percent and reached 183,400 soums (about $ 23.5).

In April, the Ministry of Finance of Uzbekistan unveiled the draft concept of pension reform, which provides for a phased increase in the retirement age in the country to the world average. Now men can retire at the age of 60 years, and women - at 55 years.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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