Kazakhstani National Pension Fund Opposes Idea to Use Its Money amid Crisis

Pension money can’t be used to cover emergency costs by state, the fund states

The Public Council under the Unified National Pension Fund (UNPF) did not support the idea of Chairman Yevgeny Seypulnik to use part of pension savings during the crisis. 

According to UAPF, Yevgeny Seypulnik’s proposal is just his own personal opinion with no supporting calculations.

«In the age of pandemic, states from over the world try to seek to support their citizens by using budget or non-budget funds. However, it’s highly important to not use pension money to cover emergency costs. This money is supposed to be used by people after their retirement,» the fund said.

Any proposals concerning the pension system require deep calculations with an assessment of the long-term consequences of those decisions for citizens, government and the economy as a whole, the UNPF stated.

Earlier, Yevgeniy Seypulnik, the chairman of the public council under the UAPF, proposed to allow depositors to withdraw 10% of their savings during a difficult economic situation.

As Seypulnik noted, in recent months both he and many of his acquaintances had financial troubles. According to him, people have low trust in the pension system and treat pension contributions as taxes; therefore, the economic policy in Kazakhstan and the managing of pension assets require consistency.

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