Uzbekistan has presented a proposal for the gradual increase of the standard retirement age. Currently, it is 60 for men and 55 for women, but according to the draft presidential decree, it will be raised to 63 for men and 58 for women.
The relevant draft presidential decree was published by the Ministry of Economy and Finance on the portal regulation.gov.uz. These changes are planned to start from January 1, 2027. From this date, the current procedure for assigning pensions with a reduction in the standard retirement age by one year will be abolished.
Phased Increase of Retirement Age
Starting from January 1, 2028, it is proposed to increase the retirement age by three months annually. This process will lead to reaching the mark of 63 years for men and 58 years for women by 2039.
Requirements for Service and Pension Calculation
Parallel to the change in age, the document provides for an increase in the minimum required work experience to receive old-age benefits. It will grow by one year annually, reaching 15 years by 2034. Furthermore, the earning period considered when calculating pensions will expand from five to twenty years, with 10% of the period with the lowest income excluded from the calculation.
For citizens with high incomes who continue to work after reaching retirement age, it is proposed to increase the upper limit of salary considered when first assigning a pension. Starting from April 1, 2028, this limit will rise from 12 to 13 times the basic calculated pension amount. If the deferral of retirement is six months, the limit will increase to 14 times, and for a deferral of 12 months—to 15 times.
Reform of the Non-State Pension Provision System
The reform will also affect the non-state pension provision system. Starting from January 1, 2027, citizens whose average income does not exceed 15 times the basic calculated amount and who voluntarily transfer 5% of their salary to a non-state pension account will receive state budgetary co-financing of up to 50% of this amount.
For citizens with higher incomes, 1% of the amount exceeding this threshold will be transferred to the non-state pension account from the social tax. This share will increase to 2% from 2033 and to 3% from 2040. Citizens will be able to invest their accumulated funds independently. Starting from 2030, these funds can also be used for treating serious illnesses and making a down payment on a mortgage.
It is proposed to transfer the management of the non-state pension provision system from JSC 'Xalq Bank' to the Pension Fund under the Ministry of Economy and Finance. In this case, accumulated funds will remain the personal property of citizens and will be inheritable. The Pension Fund will additionally receive 31 staff positions financed from the state budget. A project office will also be created with the involvement of international consultants to develop the system.
A gradual transition of contribution accounting and individual pension accounts is planned by the end of 2027 from the unified database of JSC 'Xalq Bank' to the Pension Fund's information system. The Ministry of Economy and Finance must prepare a document on the organizational structure, management, and creation of a supervisory board for the non-state system by January 1, 2027. By June 1, 2027, it must prepare a draft presidential decree on the transition to a nominal system with fixed contributions to individual accounts with state support. By the end of 2027, the ministry, together with the Central Bank and other agencies, will present the Cabinet of Ministers with a draft law on the creation of private and corporate pension funds.
Social Tax for Self-Employed Citizens
From 2027, self-employed citizens will be obliged to pay a social tax, with the option to distribute payments throughout the year. Ten percent of these contributions will go to the State Social Insurance Fund to provide maternity and temporary disability benefits.
Guarantees for Pre-Retirement Age Citizens
The document also establishes a number of guarantees during the transitional period, including a ban on dismissal or refusal of employment due to pre-retirement age. Citizens recognized as unemployed will have the right to early retirement two years earlier. Pensioners will retain tax, transport, and medical benefits, as well as the right to preferential pensions for workers in underground and hazardous jobs—men aged 50–55 and women aged 45–50.
Men will be able to access non-state pension savings from the age of 60, and women from the age of 55. Women over 55 and men over 60 will receive reduced working hours while maintaining average wages. When providing material assistance to low-income families, citizens in these age groups will not need to confirm official income.
Financing and Educational Measures
Expenses related to unpaid periods of insurance service and additional payments to bring pensions up to the minimum level will be covered by the state budget starting from January 1, 2027. Simultaneously, no new social tax benefits will be introduced for enterprises, while existing benefits will be abolished from January 1, 2030.
Starting from the 2027/2028 academic year, educational modules on state and non-state pension systems, as well as the basics of social insurance, are planned to be gradually introduced in schools and universities studying economics, finance, and social security. The Mahalla Association, together with the Pension Fund, will organize a monthly 'Pension Day' including short courses on financial literacy. The Cabinet of Ministers has been instructed to ensure wide coverage of the decree through relevant ministries and the National Television and Radio Company.