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    Kyrgyzstan

    Kyrgyzstan cancels early retirement option starting July 1

    Kyrgyzstan cancels early retirement option starting July 1

    Kyrgyzstan will implement significant changes to its pension system starting July 1, including the first stage of pension increases. This was announced by Zhenishbek Mukambetov, head of the Public Relations Department of the Social Fund, during an interview on Birinchi Radio. One of the key changes includes the establishment of new-age thresholds for retirement: 63 for men and 58 for women, with a minimum of 25 and 20 years of service, respectively.

    Photo: Kyrgyzstan cancels early retirement option starting July 1
    Source: Kaktus.media
    These changes were made possible after President Sadyr Japarov signed amendments to the pension legislation in May 2024. 

    Previously, men with 40 years of service and women with 35 years of service could retire three years earlier than the established age if they had an additional 15 years of service beyond the minimum requirement. This option will be cancelled from 1 July.

    Additionally, until the end of 2025, the minimum length of service for retirement will be reduced to 5 years. Individuals with 5 years of service are now entitled to retire at the age of 58 for women and 63 for men.

    The article allowing for retirement with an incomplete length of service has been removed. Before, individuals without the required length of service (20 years for women and 25 years for men) received a proportional basic part of the pension guaranteed by the state, amounting to KGS 3,170 (approximately $37). From 1 July, this norm will be abolished, and all citizens with at least 5 years of service will receive the full amount of the basic part of the pension.

     

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    30.06.2024, 21:10   Comments (0)   1274
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