«Pension Fund Responds to Retirement Age Increase Reports»
The Pension Fund Responds to World Bank’s Recommendation to Increase Retirement Age
The World Bank recently recommended that Uzbekistan increase its retirement age to 65 in the coming years. This proposal suggested a gradual increase of three to four months each year, starting in 2025. However, the Extrabudgetary Pension Fund under the Ministry of Finance has now commented on the recommendation, stating that they have not received any official proposals or projects regarding an increase in retirement age. The Fund’s representatives also emphasized that this issue is not on their agenda, and advised the citizens not to worry about it.
At present, the retirement age in Uzbekistan is 60 for men and 55 for women. While the country’s government has not proposed any revisions to the current age requirement, the World Bank cites the need for an increase in retirement age due to the aging population and demographic changes. The recommendation aims to increase the ability of pension systems to maintain stable levels of sustainability and financial security in the long term.
While the Pension Fund has not ruled out the possibility of future changes, they have clarified that this is not a current concern. As such, citizens can continue to plan their professional and personal lives with the existing retirement age factored in.
