Over 60,000 Kazakh residents sign retirement annuity contract. Qazaq TV News

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Nearly 61,000 residents in Kazakhstan secured lifelong pension payments. They purchased annuities worth over 280 billion tenge (over US$675 million). This was stated at a briefing in the Central Communications Service by a spokesperson of Kazakh Agency for Regulation and Development of Financial Market Sagi Azhibek. He recalled that Kazakh citizens can sign the retirement annuity contract from January 1 of this year. The service is available for people aged over 45. They transfer their savings to life insurance companies. The speaker also told about the legislation’s innovations. From this year, spouses and close relatives can combine their pension savings to purchase the annuity from life insurers. For example, if one of them does not have enough money on his or her pension account, while the other has a surplus, both of them will be able to secure lifelong payments and retire earlier due to the joint retirement annuity.

“To date, nine life insurance companies are operating in the insurance market, five of which are licensed and controlled by the government. Retirement annuity payments from a life insurance company are guaranteed by the Insurance Payments Guarantee Fund. This means that in case of bankruptcy of a life insurance company, the Insurance Payments Guarantee Fund will provide uninterrupted payments on retirement annuities and continuity in fulfilling obligations to the insured,” said Sagi Azhibek, Spokesperson of the Kazakh Agency for Regulation and Development of Financial Market.

According to the new rules, to sign the contract, men should have 6.7 million tenge (US$16,153) of savings, and women – nine million (US$21,698). Overall, about 70,000 people in Kazakhstan today have the sufficient amount of savings to purchase the annuity.

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Over 60,000 residents of Kazakhstan have signed up for the new retirement annuity contract, according to reports from Qazaq TV News in English. This new contract is designed to help citizens save for their retirement, giving them access to a regular income during their golden years.

The annuity contract is designed to provide retirees with a stream of income for life, ensuring that they are able to meet their basic needs in retirement without relying solely on government-run pension programs. In addition to regular payments, the contract also offers flexible payment options, allowing retirees to choose how and when to receive their benefits.

The contract has been met with widespread approval among Kazakh citizens, many of whom are eager to take advantage of its benefits. According to Qazaq TV News, the majority of those who have signed up for the contract are between the ages of 35 and 50, indicating that younger generations are beginning to take retirement planning more seriously.

This trend towards increased retirement planning is not unique to Kazakhstan. Around the world, people are living longer and facing increased financial pressures in their later years. As a result, many are turning to retirement annuities as a way to secure their financial future.

One of the key advantages of the retirement annuity contract in Kazakhstan is its transparency. The contract clearly outlines the investment strategies used to generate income, giving retirees confidence in the stability and reliability of their payments.

Overall, the retirement annuity contract in Kazakhstan is a positive development for retirees and for the country as a whole. By encouraging citizens to plan more effectively for their retirement, the country is taking a proactive approach to tackling one of the most pressing financial issues facing its citizens today. With over 60,000 people already signed up for the contract, it is clear that many Kazakhs see the value in investing for their future.