International consultants to be involved in Uzbekistan's pension reform

International consultants are planned to be involved in reforming the pension system of Uzbekistan. For this purpose, a separate project office is intended to be established under the Pension Fund, which will focus on developing funded pensions and ensuring the financial sustainability of the system.

One of the main proposals is to transfer the funded pension system from "Xalq Bank" to the management of the Pension Fund starting from 2027. The transfer of reporting and accounting of funds in individual accounts to its information system is expected to be carried out in stages until the end of 2027. In addition, it is proposed to add another 31 staff positions to the fund.

The project also contains new incentives for personal savings. If a citizen voluntarily transfers 5% of their salary to a pension account, the state will be able to add up to 50% of the contributed amount.

It is proposed to recognize the savings themselves and the income from their investment as the personal property of citizens with the right of inheritance. At the same time, this is currently only a draft document, and a final decision has not yet been made.