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The Funded Pension Scheme in Uzbekistan: An Analysis


  • Khasanbaev, Alisher
  • Pfau, Wade Donald


In recent years, the share of elderly in the total population is increasing around the world. Rising proportionally are claims on public pension systems and health care expenditures. This places extra pressure on government budgets. As a result, countries which implement only pay-as-you-go pensions face fiscal deficits. This paper examines Uzbekistan’s statutory pension system, which consists of two pillars: a public pay-as-you-go defined-benefit pension scheme, and a mandatory public funded defined-contribution scheme. We focus in particular on the funded scheme and evaluate ways to improve it by considering the achievements of other developing and transitioning countries in similar positions. The analysis focuses on the choice of fund ownership, contribution rates, investment returns, the population coverage rate, and the feasibility of further reforms.

Suggested Citation

  • Khasanbaev, Alisher & Pfau, Wade Donald, 2009. "The Funded Pension Scheme in Uzbekistan: An Analysis," MPRA Paper 19035, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:19035

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    References listed on IDEAS

    1. Islamov, Bakhtiyor & Shadiev, Rustam, 2003. "Pension System of Uzbekistan: Problems and Perspectives," Discussion Paper 143, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    2. Robert Holzmann & Richard Hinz, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications, The World Bank, number 7336, June.
    3. W Pfau, 2009. "The Role of International Diversification in Public Pension Systems: The Case of Pakistan," Economic Issues Journal Articles, Economic Issues, vol. 14(2), pages 81-106, September.
    4. Iglesias, Augusto & Palacios, Robert J., 2000. "Managing public pension reserves - Part I : evidence from the international experience," Social Protection and Labor Policy and Technical Notes 21311, The World Bank.
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    More about this item


    pensions; pension reform; defined-contribution; Uzbekistan;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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