MODERN APPROACHES TO THE MODERNIZATION OF THE PENSION SYSTEM IN THE REPUBLIC OF KAZAKHSTAN

Abstract

Pension provision is a priority of the state socio-economic policy. Recently, the economic development of most countries and the need for pension reform have been at the center of scientific and public discussions. The economic nature of pension provision lies in the fact that it reflects the need for financial support for citizens upon their disability, taking into account age and contribution to the pension system of the country. At the moment, the issues of pension provision mentioned by the President of the country in the Strategy – 2050 and in the Concept of modernization of the pension system are relevant.

In this article, a review of the literature on the issues under study is conducted, examples of pension systems of developed countries of the world are considered, according to the global rating by criteria. The performance indicators of the pension system of the Republic of Kazakhstan are presented and the peculiarities of domestic pension provision are reflected: the profitability of pension assets is analyzed taking into account inflation, the replacement coefficient is considered as the main factor of the efficiency of the pension system in comparison with foreign countries. Recommendations are proposed for the modernization of the domestic pension system, taking into account the current trend of accelerated aging of the population, in order to reduce the burden on the budget and increase the amount of pension payments.