The Social Fund has developed a draft resolution of the Cabinet of Ministers, which is currently out for public discussion. The document provides for simplified access to pension savings for several categories of citizens.
Payments for citizens without service and foreigners
One of the main innovations will be the ability for individuals who have reached retirement age but have not accumulated the necessary insurance service for a full pension to receive their accumulated funds. To withdraw the money, they will need to submit a corresponding application to the territorial body of the Social Fund.
Changes will also affect foreign citizens and stateless persons who worked in the republic and paid insurance contributions. Currently, they face difficulties receiving payments due to requirements to provide a certificate of deregistration upon moving abroad for permanent residence, which temporary workers are not issued.
According to the draft, foreigners will be allowed to apply for funds after dismissal and departure from the country by providing a registration slip and a document terminating employment relations. If a person has already left Kyrgyzstan, the application can be sent by mail.
Using funds for housing
The draft resolution also clarifies how pension savings can be used when purchasing real estate. In particular, it provides for the possibility of directing these funds toward the repayment of debts under housing agreements.
