The Concept of modernization of Kazakhstan’s pension system until 2030 has been approved.

The reform envisages two core changes: getting rid of the equal basic pension and introducing notional pension accounts. The former will be replaced with basic pensions on the basis of seniority (the number of qualifying years), and the latter will be created from additional employer contributions in the amount of 5% of the employee's monthly wages.

 Almaty-16/07/2014-INC News

For more information see: http://en.tengrinews.kz/laws_initiatives/Pension-reform-concept-approved-in-Kazakhstan-254521/