Ministry of labor of Kazakhstan obligated pension funds to enter into individual agreements with depositors until July 1

/IRBIS, Jan.10, 00/ - PRIME-TASS informs, with the reference to the Ministry, that the Ministry of labor of Kazakhstan obligated accumulative pension funds to enter into individual agreements with depositors until July 1. State center for pension payments will not be able to transfer pension payments of the population to the funds after this date as the ministry will give an order not to do so. Data will be checked till April 1 throughout the country and individual social code will be assigned to each citizen. Presently, State accumulative pension fund has more than 3 mln accounts for only 1.6 mln participants. New rules for pension funds, instructions for reorganization and liquidation of private accumulative pension funds, and amendments to the main requirements for automatic information system of accumulative pension funds will be enacted till February 1 by the Ministry of labor and social development. Requirements for the authorized capital of private pension funds will be stepped up. Now, 10% of an employee's salary is passed to accumulative pension fund of the employee's choice by an employer. If an employee does not select a fund of his choice, his payments are automatically sent to State accumulative pension fund. Amendments are being prepared by the Ministry to deprive the fund of this right.