Moluch 150 c indd


*Source: Ministry of Finance of the Republic of Uzbekistan



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moluch 150 ch4

*Source: Ministry of Finance of the Republic of Uzbekistan


“Young Scientist”

#16 (150)

April 2017
343
State and Law
clusively at the expense of pension contributions made by 
a pensioner for the period of their work. When using this 
system of financing, incoming contributions are not imme-
diately spent on the payment of pensions, but accumulate 
in the form of a certain reserve capital. After reaching the re-
tirement age, recipients have the right to choose to receive 
these funds at a time or during a period established by them 
independently.
The accumulative pension system, in comparison with 
the distribution system, has a number of advantages. This 
system provides for the recording of each sum paid for each 
year and month of the employee’s length of service.
Legislation of the Republic of Uzbekistan fixes the state 
obligations to each participant of the accumulative pension 
system, for the safety and payment of funds accumulated on 
individual savings accounts. After the participant’s retire-
ment, these obligations will be fulfilled in full.
In order to protect against inflation, the funds of the 
funded pension system can be used as credit and investment 
resources. Mandatory accumulative pension contributions, 
interest and other income received by citizens from the use 
of funds on individual accumulative pension accounts are not 
subject to taxation and other mandatory payments.
Participants in the funded system are usually better pro-
tected from political risks closely associated with any distri-
bution system.
With the functioning of the mechanism of the funded pen-
sion system, the incentives to conceal income are reduced 
among the population. Citizens become interested in en-
suring that employers fully implement pension contributions 
and, accordingly, pay salaries that are called «in white». The 
result is that the economy of the country has funds for long-
term investments.
However, accounting for money on individual accounts 
significantly complicates the technical organization of the 
funded pension system in comparison with the distributive 
system. There is considerable confusion, and even a loss of 
funds, especially when moving from fund to fund. The only 
way to avoid this is to develop a clear mechanism for oblig-
atorily informing depositors about the state of their savings 
account and resolving disputes over the state of the account.
In Uzbekistan, there are about 31.5 million people (ac-
cording to data for 2013.) Almost 70% of them are able-
bodied population and only 4.7% are people 65 and older. 
Women in this country retire at 55, men at 60. The average 
life expectancy of women is 75, men — 70 years.
The average Uzbek gets a salary of $340. The minimum 
wage is 42 dollars.
The pension system of Uzbekistan has a mixed character, 
here simultaneously operate the distribution pension system 
and the accumulative pension system.
In the first case, the operator is an Extra-budgetary pen-
sion fund under the Ministry of Finance of the Republic of 
Uzbekistan (RU) — it is a state institution responsible for 
organizing pension provision for citizens, assigning pen-
sions, social benefits, compensatory and other payments to 
citizens, ensuring the recalculation of pensions and other 
payments in accordance with the procedure established by 
law. In the structure of the fund there are 14 territorial ad-
ministrations, 196 district (city) departments, covering all 
regions of Uzbekistan.
In the second, the State-Commercial People’s Bank is 
one of the country’s major universal banks. The means of the 
accumulative pension system are formed in the bank by ac-
cumulating funds on individual pension accounts. The bank 
is an agent of the government in the implementation of so-
cial programs and operates as a universal commercial bank. 
In accordance with the law «On funded pension provision of 
citizens», the Halk Bank is the only organization that accu-
mulates the accounts of citizens participating in the funded 
pension system.
Comparing to other countries we can establish some new 
main aspects of pension system in them and its current func-
tioning.
The experience of the UK shows that even with a highly 
established system of personalized accounting, no one is in-
sured against technical mistakes. In addition, there may be 
conflicts about the status of the pension account and the 
Fig. 2.

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