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Social Fund needs 40 billion soms to increase pensions in next two years

At least 960 million soms are provided for increasing pensions in 2024. Chairman of the Social Fund of Kyrgyzstan Baktiyar Aliyev announced at a meeting of the Parliament.

According to him, in 2022 pensions were raised by 33 percent, in 2023 — by 38 percent. It is planned to increase the insurance part of pensions by 7 percent.

«In 2022, about 20 billion soms were required to increase pensions. This year, from October 1 — 3,905 billion soms. For 2024 — 16 billion soms. We need another 40 billion soms for two years in total,» Baktiyar Aliyev said.

He added that pensions have been raised by 2-3 percent every year for the last 10 years.

From October 1, the indexation coefficient of the insurance part of pensions was set at 1.38 for pensions up to 30,000 soms. In particular, the insurance part of the pension up to 30,000 soms was increased by at least 500 soms. 3.9 billion soms have been provided for this. The average pension after the increase is 9,354 soms, having increased by an average of 1,692 soms. This is twice the inflation rate.