The Ministry of Economy and Finance proposes introducing a state co-financing system for voluntary pension savings in Uzbekistan. According to this proposal, if a citizen contributes 5% of their salary monthly to their savings pension account, the state can compensate up to 50% of the amount they contributed.
This co-financing measure is aimed at citizens whose average monthly income does not exceed 15 basic units for pension calculation. A different approach is provided for individuals with higher incomes: 1% of the income exceeding the established threshold will be directed to the savings pension account through a social tax. It is planned that this share will increase to 2% by 2033 and reach 3% by 2040.
It is important to note that all the provisions mentioned so far remain only proposals within the draft document, and the final details of the pension reform may be adjusted after the completion of discussions scheduled before September 30.
Furthermore, as part of the same reform, a gradual increase in the retirement age is being considered: for men, it is proposed to raise it from 60 to 63 years, and for women, from 55 to 58 years.