Kyrgyzstan will develop not-state pension funds, reports the “MIR 24” portal. The corresponding instruction to responsible persons was given by the Chairman of the Cabinet of Ministers of the country Akylbek Japarov.
It is planned that by the end of this year the entire population of the republic will be covered by pension insurance.
According to Japarov the existing pension system in the country cannot provide all retired citizens with a decent standard of living. Every year in Kyrgyzstan 40 to 50 thousand people retire, and the budgetary funding of the Social Fund is also growing.
In case the practice of private pension funds spreads, citizens of the country must have to choose whether to deduct savings to the Social Funds or to a private pension fund.
