Kazakhstan Achieves 24th Place in 2024 Global Pension Index, Surpassing Major Economies

Kazakhstan’s pension system is ranked 24th in the 2024 Global Pension Index, outperforming major countries like the US and Saudi Arabia. The assessment revealed strong scores in sustainability and integrity but highlighted the need for improvement in adequacy. With a C+ rating, the focus is on enhancing the pension framework in light of demographic shifts.

Kazakhstan’s pension system has achieved a commendable ranking in the Mercer CFA Institute Global Pension Index (MCGPI) for 2024, securing the 24th position among 48 evaluated countries. Released on October 15, the index encompasses three categories: adequacy, sustainability, and integrity, collectively measured through over 50 indicators. Kazakhstan outperformed numerous countries, including the United States and Saudi Arabia, with scores of 45.8 for adequacy, 73.1 for sustainability, and 80.4 for integrity, resulting in an overall grade of 64.0 and a C+ rating.

The Mercer CFA Institute Global Pension Index is an annual comprehensive evaluation of pension systems worldwide. This index aims to guide countries in improving their systems by offering insights into best practices. As the global demographic landscape evolves, characterized by declining birth rates and increasing life expectancies, the necessity for robust pension systems has become paramount. Kazakhstan’s performance in the MCGPI indicates its strengths and areas needing improvement, particularly in enhancing the adequacy of its pension framework.

In summary, Kazakhstan’s 2024 performance in the Global Pension Index reflects well on its pension system’s structure and integrity, particularly against a backdrop of higher-ranking nations. Nonetheless, areas such as adequacy require strategic enhancements to ensure long-term sustainability and comprehensive support for its aging populace. As global demographic trends continue to challenge pension systems, the recommendations provided by the MCGPI will be essential for Kazakhstan’s future advancements in this critical sector.

Original Source: astanatimes.com