Government approved the rules for occupational pension contributions

Posted: Samat Posted: 28 April 2014 09:09 Category: News of the Legislation of Kazakhstan Views: 321

On Approval of Rules for mandatory occupational pension contributions

In accordance with subsection 6-1 ) of Article 6 of the Law of the Republic of Kazakhstan dated June 21, 2013 "On Pension Provision in the Republic of Kazakhstan ", the Government of the Republic of Kazakhstan DECIDED:

 According to the rules, the mandatory occupational pension contributions are made by investors at their own expense for the benefit of employees.

 Rate of mandatory occupational pension contributions is set in accordance with Article 26 of the Law "On Pension Provision in the Republic of Kazakhstan".

Mandatory occupational pension contributions are transferred to a single PAF, according to a common list of individuals who have signed an agreement on pension provision by the mandatory occupational pension contributions.

Contributors perform mandatory occupational pension contributions on a monthly basis from income received and used for the calculation of mandatory occupational pension contributions, based on the amount of accrued employee's income for the month. In the performance of mandatory occupational pension contributions all the monthly income of the employee, provided by the Code "On taxes and other obligatory payments to the budget" are taken into account.

Amounts of mandatory occupational pension contributions are paid by contributors subject to a deduction in accordance with the laws of the Republic of Kazakhstan.

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