The Ministry of Economy and Finance of Uzbekistan proposes changing the procedure for calculating pensions and the requirements for minimum work experience. The corresponding draft has been published for public discussion.

In particular, it is planned to stimulate long-term formal employment by strengthening the principles of fairness in pension calculation. Thus, from January 1, 2027, the salary period taken into account when calculating pensions, which currently is 5 years of work, will increase annually by one year until it reaches 20 years. At the same time, when determining the average earnings for pension assignment, 10% of the period with the lowest income of the citizen will be excluded from the calculation.

The minimum work experience required for old-age pension assignment, currently at least 7 years, will gradually increase annually by one year and by 2034 will reach 15 years. At the same time, citizens without the minimum required work experience retain the right to receive an old-age allowance 5 years after reaching the generally established retirement age.

In order to further stimulate citizens who pay social tax on high incomes and continue working after reaching retirement age, from April 1, 2028, upon initial pension assignment, it is proposed to increase the maximum salary amount taken into account in its calculation: from 12 times to 13 times the base amount for pension calculation; when retiring 6 months later — up to 14 times; when retiring 12 months later — up to 15 times.

The discussion of the draft will last until September 30.

Source: uznews.uz