The main priorities of using and managing the funds of the unified accumulative pension fund of the Republic of Kazakhstan

B. A. Zhakupova, S. I. Igilmanova, N. Kalyuzhnaya, Bibigul Bimbetova

2021

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DOI 10.46914/1562-2959-2021-1-4-54-61
Data confidence 70 medium
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Abstract

The purpose of the article is the formation of an optimal model of pension provision of citizens in accordance with the modern market economy on the most important issues arising in the accumulative pension system of the Republic of Kazakhstan, strengthening its theoretical, methodological and legal foundations. The Republic of Kazakhstan was one of the first CIS countries to start pension reform 24 years ago. The main goal is to establish the personal responsibility of each citizen of Kazakhstan for his financial situation when reaching retirement age. In this regard, when implementing the reform, the state policy envisaged a gradual transition from the application of the principle of cooperation between generations to independent savings in pension funds. The pension reform in Kazakhstan was carried out optimally and the World Bank recognized it as one of the most successful reforms. The accumulative pension system plays a significant role in the life of the country, the development of the stock market and the improvement of the national economy, the distribution of long-term investments at the expense of domestic savings to increase the competitiveness of the country. In order to become one of the 30 effectively developed countries of the world, the state has created high standards of living for the citizens of Kazakhstan by improving the level and quality of pension provision. For this, one of the most important components of the economic and social conditions of the population is that accumulative pension funds in Kazakhstan should develop further, and the pension system should be competitive. The main pillar of the accumulative pension system in the country is the improvement of the accumulative pension fund and effective pension provision, which forms the basis of the future population. In the conditions of modern globalization and rapid development of financial markets, the financial position of the accumulative pension fund, a participant in the financial market, and its effective functioning are in the first place.