Ension System of Uzbekistan

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“PENSION SYSTEM OF UZBEKISTAN: PROBLEMS AND PERSPECTIVES”

Prof. Islamov Bakhtiyor Prof. Shadiev Rustam

CONTENTS: Introduction..........................................................................................................................3 Chapter 1. The analysis of the current condition of the pension system of Uzbekistan ....4 The principles of financing of the social sector in Uzbekistan. ............................................4 Principle of organization of the pension maintenance of Uzbekistan ...................................7 The basic problems of Pension Fund of the Republic of Uzbekistan ...................................8 Chapter 2. Basic directions of improvement of pension system in Uzbekistan................12 Common principles of creating NPF in Uzbekistan...........................................................12 Possible functioning mechanisms of NPF in Uzbekistan...................................................13 The Uzbek strategy of private pension funds creation .......................................................15 Perspectives estimation of establishing nongovernment pension funds..............................16 Macroeconomic aspects of pension systems’ perfection....................................................17 Perfection issues of the pension system of the Republic of Uzbekistan .............................19 Conclusion ..........................................................................................................................25 Appendix.............................................................................................................................26 References...........................................................................................................................35

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Introduction The purpose of the present report is the definition of perspective ways of the further development and perfection of pension system of Uzbekistan, based on an optimum combination of state pension maintenance system and non-state pension insurance. From this point of view the analysis of the condition of current pension system, principles of its organization and functioning are carried out in this work. Taking into account significant risks at formation of additional pension systems, their strong dependence on a concrete economic situation and economic behavior of the population, the proposals made in the report can be considered as important but complementary measures to upgrade social maintenance. Published materials of some organizations were used in preparing this paper, special acknowledgements to the Center for Economic Research (director B. Eshonov) and to the analytical group (Mr. R.Zabihodjaev, Mr. A. Navotniy, Mr. A.Nabihodjaev, Mr. Y.Fayzullaev, Mr. U.Abdurahmanov). The authors express their thanks to the Project on Intergenerational Equity of the Institute of Economic Research of the Hitotsubashi University, especially professors N.Takayama, Y. Nishimura, M. Kuboniwa, I. Iwasaki and other colleagues participated in the 2002 and 2003 P.I.E. conferences. Their advice, comments and cooperation, which enabled us to upgrade this paper, are highly appreciated

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Chapter 1. The Analysis of the Current Pension System of Uzbekistan

The Principles of Financing of the Social Sector in Uzbekistan. Financing of the social sector is directly connected to the macroeconomic situation in the country. The state budget is the main tool of distribution and of redistribution of resources from the sphere of production to social sector, which is deemed as a priority direction of the state policies. The state budget for 2000 has an expressed social direction. The expenses on the social sector and welfare of the population are estimated at 283.3 bln. of sums or 47.1% of the total expenses of the budget, 223.2 bln. of sums or 37.1% of them are directed at social sphere and 60.1 bln. of sums or 10% to the social protection of the population....
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