The Social Fund is Preparing Innovations: What Will Change for Pension Savings

The Cabinet of Ministers has proposed a draft for public discussion regarding changes to the rules for the payment of pension savings. The document outlines changes in the procedure by which the Social Fund makes these payments.

Among the proposed innovations is a clarification of the list of individuals entitled to pension savings. In particular, the spouses of insured citizens will also be able to claim these payments. Additionally, there are plans to revise the procedure for multiple payments and update the list of documents required to use pension savings for housing purposes, such as mortgages, shared construction, and rent with the option to buy under government programs.

Some old provisions of the rules will be abolished, and new forms of documents confirming the right to pension savings will be introduced. Such documents include letters from commercial banks, as well as from the mayors of Bishkek and Osh and JSC "GIK." The process for citizens to reapply for their pension savings payments is also being clarified.