As part of efforts to improve Uzbekistan's pension system, a proposal has been put forward to raise the current cap on the maximum pension amount. Plans are also underway to introduce a voluntary funded pension scheme, change the pension calculation procedure, and roll out new digital services.
According to Murod Otajonov, director of the Pension Fund, the portion of monthly salary currently factored into pension calculations is capped at 6 million soums. As a result, even an employee earning 15 million soums a month ends up with a maximum pension of only about 3.3 million soums. Under the new proposal, this cap would be raised.
A new voluntary funded pension scheme is also in the works. Under this scheme, if an employee voluntarily contributes 5 percent of their monthly salary to the pension fund, the state will add another 50 percent on top of that. For example, an employee earning 7 million soums a month would accumulate roughly 5 million soums over 20 years under the current system — but under the new system, that figure could reach 126 million soums.
The proposals also include changes to how pensions are calculated. Rather than basing the pension amount on any five-year stretch of salary from the last 10 years, the plan is to calculate it based on earnings across a full 20 years of work history.
In addition, the launch of a My Pension mobile app is planned. Through the new app, individuals will be able to track their work record, salary, social tax payments, and accumulated pension savings in real time.
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