Advocacy group Majilismen pushes for accelerated implementation of pension savings regulations
In Kazakhstan, a growing number of citizens are expressing dissatisfaction with the delayed adoption of rules regarding the use of pension savings for housing purchases and repairs. The delay has left many in a state of uncertainty, with over 761,000 citizens reportedly waiting for the implementation of these rules.
The rules, when adopted, would allow some regulated use of pension savings for housing purposes, typically under state programs aimed at improving homeownership. However, the implementation tends to be gradual due to the need for regulatory, fiscal, and financial system adjustments.
The delays in adopting or updating these rules may stem from several factors. Balancing pension fund safety and long-term sustainability against immediate housing market needs is a significant challenge. Legal and regulatory hurdles in defining conditions for pension withdrawals or transfers, coordination between multiple government agencies, and economic factors such as inflation or housing market volatility also play a role.
Citizens have voiced their concerns through various channels, including the 'Open NPA' portal where over 900 comments have been left. They have expressed the need for immediate action to allow the purchase of apartments under construction through shareholder participation agreements using pension savings.
The Government is under pressure to address these concerns, with Deputy Amanzhan Jamalov recently making a request for the acceleration of rules for the use of pension savings to the Prime Minister and the Chairman of the National Bank. The Government is also under scrutiny for the potential impact of the delay on the housing market and the financial stability of citizens.
As of now, the Government has not yet announced a response to Jamalov's request. The ongoing delay in adopting the rules has caused frustration among citizens who are eager to use their savings for housing purchases and repairs. The citizens' urgency is further heightened by the fact that many have already chosen their housing, but the rules are still in the approval process.
For the specifics on the current rules and precise reasons for the delays in Kazakhstan, one would need to consult official government releases or recent legislative updates from Kazakhstan's Ministry of Labour and Social Protection or the National Bank of Kazakhstan.
- The delay in adopting rules for using pension savings in housing purchases and repairs is causing frustration among citizens in Kazakhstan, specifically those who have already chosen their housing but are still waiting for the implementation of these rules.
- Balancing the safety of pension funds and their long-term sustainability with the immediate needs of the housing market is a significant challenge the Government in Kazakhstan faces, as they work to allow some regulated use of pension savings for housing purposes.
