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Kazakhstan : an ambitious pension reform

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  • Andrews, Emily S.

Abstract

The pension reform in Kazakhstan was instituted to remove a deteriorating, and costly pay-as-you-go (PAYGO) system with limited liabilities, a relatively low worker to pensioner ratio, and accumulating pension arrears. Analysis was conducted to assess whether the economy could sustain a radical reform, which would make the implicit pension debt explicit. The first section of this report reviews the reform, and provides a synopsis of the thinking behind its development, including the events leading up to it, and the failings of the PAYGO system. In the second section, the administrative, business, and regulatory structures created by the pension reform legislation are described. In the third section, the progress of these entities in meeting the objectives of the reform is evaluated, particularly in terms of regulatory, and financial market performance.

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  • Andrews, Emily S., 2001. "Kazakhstan : an ambitious pension reform," Social Protection Discussion Papers and Notes 23156, The World Bank.
    • Handle: RePEc:wbk:hdnspu:23156
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    References listed on IDEAS

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    1. Palacios, Robert & Whitehouse, Edward, 1998. "The role of choice in the transition to a funded pension system," Social Protection Discussion Papers and Notes 20109, The World Bank.
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    Cited by:

    1. Khasanbaev, Alisher & Pfau, Wade Donald, 2009. "The Funded Pension Scheme in Uzbekistan: An Analysis," MPRA Paper 19035, University Library of Munich, Germany.
    2. Seitenova, Ai-Gul S. & Becker, Charles M., 2003. "Kazakhstan's Pension System: Pressures for Change and Dramatic Reforms," Discussion Paper 142, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    3. Meiram Zhandildin, 2015. "Pension System Reform in Emerging Countries," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 7(1), pages 65-88, January.
    4. World Bank, 2004. "Kazakhstan - The New Pensions in Kazakhstan : Challenges in Making the Transition," World Bank Publications - Reports 14362, The World Bank Group.
    5. Grajzl Peter & Dimitrova-Grajzl Valentina, 2009. "The Choice in the Lawmaking Process: Legal Transplants vs. Indigenous Law," Review of Law & Economics, De Gruyter, vol. 5(1), pages 615-660, November.

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