The President of Kyrgyzstan signed a decree on indexation of the size of insurance parts of pensions from October 1, 2023.
According to the document, in order to improve the living standards of pensioners, guided by Articles 19, 44, 66 and 71 of the Constitution, from October 1, 2023, the indexation coefficient of the insurance part of pensions is set at 1.38 for pensions up to 30,000 soms.
«The insurance part of pensions up to 30,000 soms will increase by 38 percent on average, but not less than 500 soms, for which 3.9 billion soms are allocated. The average size of such pensions after the increase will reach 9,354 soms, which is more than the current pension size by an average of 1,692 soms,» the presidential press service informs.
According to it, the exact amount of the increase will depend on the size of the insurance part of the pension of each pensioner. This increase is two times higher than the inflation rate.
If 3.9 billion soms are allocated for the pension increase from the Social Fund for three months of the current year, then in 2024, this amount will reach 16.2 billion soms additionally. At the same time, the pension increase will take place entirely at the expense of the Social Fund, without the participation of the national budget.
The issue of increasing pensions above 30,000 soms is currently under consideration, in this regard, the relevant calculations of additional need are underway.
