The Ministry of Economy and Finance has published a Fiscal Strategy for 2027–2029, outlining key indicators for the pension system. According to the document, the average pension in 2027 is projected to reach 1.8 million soums, up from 1.7 million soums expected in 2026 — an increase of about 5.9%. However, the exact growth rate cannot be determined due to rounding to the nearest 100,000 soums.
The number of pension recipients is forecast to rise by 165,000 to 4.592 million in 2027. Expenditures of the Pension Fund are expected to grow by 11.1% to 95.7 trillion soums, driven largely by the increasing number of retirees.
Fund revenues are projected to increase by 14% to 73.8 trillion soums, with the social tax remaining the primary source at 71.4 trillion soums. To cover the deficit and ensure timely pension payments, the state budget will allocate 23 trillion soums — the same amount as planned for 2026.
Medium-term forecasts indicate continued growth in the number of pensioners: 4.76 million in 2028 and 4.94 million in 2029. The average pension is expected to reach 1.9 million and 2.1 million soums, respectively. Fund expenditures could rise to 119.4 trillion soums by 2029.
The ministry warns that without reforms, the pension system will remain heavily dependent on the state budget. Key challenges include high informal employment, which limits the fund's revenue base, and social tax exemptions for certain legal entities. Proposals include gradually bringing self-employed individuals who currently do not pay social tax into the system.
Additionally, citizens with official income may be allowed to voluntarily pay social tax for non-working family members to build up their pension records. The strategy also calls for limiting new social tax exemptions and phasing out existing ones.
As of June 1, Uzbekistan had over 4.35 million pension recipients, including about 3.6 million old-age pensioners, 484,500 disability pensioners, and 260,600 survivor's pensioners. The average pension nationwide was 1.58 million soums (raised by 7% on July 1). In Tashkent, the average was significantly higher at 2.16 million soums.
Source: www.gazeta.uz