Volume 03 Issue 01-2023
1
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
SSUE
01
Pages:
0
1-12
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
The article deals with the evaluation of pension systems in the light of existing and recognized by leading economic
scientists static indicators on a global scale: demographic load, replacement rate, government expenditures on
pension payments, assets of the pension system, the efficiency of the pension system. Practical results of the
experience and reforms of pension systems of foreign countries, mainly OECD countries, were taken as the initial data
of the analysis. Developed recommendations and proposals for the possibilities of improving the pension system of
the Republic of Uzbekistan at the level of modern requirements.
KEYWORDS
Pension fund, pension system, distributive pension system, accumulative pension system, pension contributions,
replacement rate, demographic coefficient, state obligation, assets, efficiency, income, pensions, pensioners, social
protection.
INTRODUCTION
Since the twenty-first century in developed countries
throughout the world, we can observe the systematic
and continuous improvement processes of the pension
systems. The necessities and directions of this
determined by, first of all, sharp demographic changes,
especially growth of the population age, and the
Research Article
PROSPECTS FOR THE USE OF INTERNATIONAL EXPERIENCE IN
IMPROVING THE PENSION SYSTEM OF THE REPUBLIC OF UZBEKISTAN
Submission Date:
January 01, 2023,
Accepted Date:
January 05, 2023,
Published Date:
January 10, 2023
Crossref doi:
https://doi.org/10.37547/ijmef/Volume03Issue01-01
Nuriddin Rakhmonov
Deputy Dean Of Management Personnel Training Faculty Banking And Finance Academy Of Republic Of
Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ijmef
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 03 Issue 01-2023
2
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
SSUE
01
Pages:
0
1-12
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
growing number of retirees in the population. The
issue is further aggravated by the problem of declining
growth of the world economy in recent years.The
increasingly accumulation of such global problems led
to an unprecedented downturn in the pension system
in developed countries, in this regard, the issue of
ensuring the stable and effective functioning of the
pension system became a very urgent problem and the
solution of these issues entered the sery of the top
priority problems, which determine the national
economy's security and competitiveness.
The pension system, which provides a decent standard
of living for pensioners, and also encourages them to
receive quality education for active and long-term
employment, is the basis of social stability and
economic security of each country, and is a socially and
economically important factor of national sustainable
development strategy.
In this regard, it is crucial to thoroughly investigate the
experience of foreign countries, including the reforms
of the pension system in the developed countries
which are part of the Organization for Economic
Cooperation and Development (OECD) for the
development and modernization of the national
pension system. Studying and analyzing this
experience will serve as a basis for the formation of
scientific and practical directions for the improvement
of the pension system with a decent level of pensions
in the Republic of Uzbekistan.
LITERATURE REVIEW
Pension provision is an integral part of social security
and is one of the main functions of the state. In
accordance with the structure and capability of the
State, the right of citizens to social security is laid down
in Article 22 of the Universal Declaration of Human
Rights adopted by the General Assembly of the United
Nations on 10 December 1948.
Kasparyants (2014) argued that the term "pension
provision" refers to various forms of social protection
from the risk of aging, disability due to disability, and
loss of breadwinner.
In a broad sense, pensions are a set of legal and
economic measures aimed at providing citizens with
material support if they lose their main source of
income due to old age, disability and in other cases
established by the legislation of the respective state. In
the narrower sense of the pension system, it is just
about the support of the most vulnerable groups of the
population at the expense of the state budget and
state funds. According to Pavlyuchenko (2007), the
term "pension provision" means the financing of direct
from budget and extrabudgetary funds, while the
"pension insurance" means the financing by using
special savings and based on insurance methods. Each
country's national pension system has its own unique
way of historical development. By summarizing the
opinion of many authors, we can say that this
uniqueness is determined by three types of factors -
social, economic and demographic:
•
Social factors determine the level of social and
labor relations in the country. As examples of social
factors, it is possible to present the historical and
ethnic-cultural development aspects of the state, the
national mentality, the religious aspects of social life,
social policy strategies and tactics, the social structure
of the population, the situation in the labor market, the
level of remuneration and so on;
•
economic factors determine the capacity of
the state and the econimic conditions of the pension
system. Economic factors include the financial state of
the state, the level of welfare of the society, the
strategy and tactics of the economic policy carried out
Volume 03 Issue 01-2023
3
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
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01
Pages:
0
1-12
SJIF
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FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
by the state, the state's role in the economy, the level
of development of production and others;
•
demographic factors reflect the needs of the
society for the pensions of the population and serve as
an important indicator of the optimal quality and
quantitative details of the pension
system.
Demographic factors include, among other things, the
age structure of the population, the proportion of
pensioners in society, the rate of growth of the
population, the number of employed and pensioners,
and so on.
The aforementioned theoretical generalization belong
to most developed countries, and the most successful
combination of the types of retirement benefits has
been achieved in these countries, as Fedotov (2008)
pointed out, the role of state, entrepreneur and citizen
in the provision of pensions was clearly defined.
An analysis of the theoretical basis of the provision of
pensions indicates that the scenarios that can be used
to build national pension systems are excessive and
varied in the experience of countries in the world.
Ivanenko (2002) notes that in ancient Greece, benefits
were paid to senior citizens who had merits to the state
and In the Roman Empire military pensions were also
established in the form of lifelong maintenance of
military personnel. However, comprehensive pensions
appeared later - at the end of the 19th century.
The analysis shows that in the scientific literature, the
issue of switching from the distribution to the savings
system remains insignificant. "When the transition
from the distributor system to the accumulative
system, the first generation of pensioners can receive
a very low pensions or not at all," say N. Barr and P.
Daymon (2000).
As we have said above, the national pension system
represents a complex socio-economic system
consisting of complementary elements or subsystems.
In addition to the opinion of Fedotov (2008), we
assume the following three elements of combined
pension systems operating in the world:
•
element 1 - the subsystem of the state pension.
This subsystem represents the basic level of
the modern pension system in most countries
of the world. It is designed to guarantee the
payment of state pensions, providing a living
minimum with disability;
•
element 2 - the state pension insurance
subsystem. This subsystem should provide a
decent level of income, proportional to the
former earnings, upon retirement. The size of
the pension depends on the amount of
insurance contributions deducted during the
period of employment;
•
element 3 - the subsystem of voluntary pension
insurance. This subsystem is based on the
personal initiative of citizens and is designed to
provide an additional level of income for
retirees after the cessation of employment
through individual accumulation of funds using
specialized institutions (non-state pension
funds, banks, insurance and investment
companies).
The world practice of pension systems construction
has a huge experience ranging from the highly-
distributed pension system to savings systems. This
experience indicates that there is no retirement system
with optimal equipment in either country, whether it is
a one-time or permanent one, the macroeconomic and
social environment in which the national pension
system operates is constantly changing, and the
pension system is dependent on the conditions in a
Volume 03 Issue 01-2023
4
International Journal Of Management And Economics Fundamental
(ISSN
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2771-2257)
VOLUME
03
I
SSUE
01
Pages:
0
1-12
SJIF
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FACTOR
(2021:
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)
(2022:
5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
particular country, and is constantly improving, taking
into account the capabilities and needs of the state and
society. The optimal structure of a particular pension
system in a given country should be in line with the
demographic, economic, and social characteristics of a
given period, and fully meet the goals and objectives of
that government.
RESEARCH METHODOLOGY
Quantitative methods of analysis, economic analysis
and statistical methods such as comparison, induction
and deduction, analysis and synthesis, prospective
forecasting, as well as graphs and pictures were used
in order to express the results of the research in a
general and integrated way.
ANALYSIS AND DISCUSSION OF RESULTS
As is known, Japan, along with Australia, the
Netherlands, Denmark, is one of the most developed
countries in the world in the economic, social and
cultural spheres. Japan plays an important role in the
world community with its unique culture, huge
economy, high intellectual potential and many other
positive aspects.
But it is also worth mentioning that it is one of the
oldest countries in the world by age. This is a negative
situation. As the average age of the population
increases, the proportion of people employed in the
population will decrease, while the proportion of
pensioners will increase, leading to a shortage of labor
resources, and in public finances the share of social
expenditures will increase relative to GDP.
Currently in Japan, pensioners make up 26.4% of the
population. The average life expectancy of the
population is 83.9 years, and the average life
expectancy after retirement is 22 years. The
government of Japan spends 10.2 percent of GDP in
paying for state pensions.
The state pension system of Japan consists mainly of
two tiers, consisting of the basic state pension system
and the pension system of workers, which is related to
the income of payers of contributions. In addition,
there are additional pensions in the framework of
voluntary private pension programs, in addition to
citizens aged 60
–
69 years, living in Tokyo, are
additionally paid state social benefits (Figure 1).
Volume 03 Issue 01-2023
5
International Journal Of Management And Economics Fundamental
(ISSN
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2771-2257)
VOLUME
03
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1-12
SJIF
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)
(2022:
5.
705
)
OCLC
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1121105677
Publisher:
Oscar Publishing Services
Servi
Picture 1: Pension systems operating in Japan and Uzbekistan.
A stable and characteristic feature of the basic state
pension system in Japan is that the full amount of
insurance contributions of citizens and pensions paid
by the state are fixed. That is, the monthly pension
contributions are 16,340 ¥ for 2018, and the annual
pension is 779,300 ¥.
In the current funded pension system of Japan,
pension contributions are distributed equally between
the employer and the employee, and 8.914% of the
total wage is assigned to each party. and also, to
prevent excessive stratification among pensioners, the
maximum amount of pension contributions is limited.
Person who are unemployed or with income below a
certain level are not obliged to pay pension
contri
butions to the employees ’pension fund, but they
must pay contributions to the basic state pension
system. Unemployed persons may be paid in quarters,
half, three quarters or even in full, depending on the
level of household income. At the same time, citizens
who earned less than 570,000 ¥ last year are exempt
from any payments. Persons with an annual income of
less than 780,000 ¥ pay a quarter of compulsory
pension contributions, an income of less than 1,410,000
¥ - half of the contributions and income up to 1,580,000
¥ - up to three quarters of contributions.
It is established by law that individuals receive half of
state pensions for the period of full exemption from
contributions, receive five from eight shares of state
pension for the period of payment of a quarter of
contributions, receive half of contributions for the
period of payment of three quarters of state pension,
and for the period of payment three quarters of
contributions receive seven from eight shares of state
pension.
The main feature of pension coverage in Japan is that
state basic pensions provide a living wage for citizens,
the pension system of workers and additional
voluntary pension systems serve for the active
participation of citizens in improving the welfare of the
elderly, in other words, the state, the employer and the
citizen are aware of their joint responsible for the
welfare of old age and consciously raise funds.
Another prosperous feature of the Japanese pension
system is the existence of the State Pension
Investment Fund under the Ministry of Health, Labor
and Social Security. This fund is one of the largest
investment funds in the world. By attracting state
pension funds to large financial investment projects, it
makes the Japanese pension system more profitable.
The val
ue of the Fund’s assets in the third quarter of
2018 amounted to 150,663.0 billion ¥, and every year it
steadily grows and strengthens its position in the
economic and social development of Japan.
How can we use the experience of the pension system
of foreign countries, especially the Japanese pension
system, for the development of the pension system of
Uzbekistan, the conditions in which we should apply
this experience in our country, what practical
experience we have, what internal abilities we can vary
when using the results of foreign reform?
In Uzbekistan, the income of retirees depends only on
state
pensions
based
on
the
principle
of
intergenerational solidarity, while the second
subsystem, the accumulative pension, is very passive.
The funds transferred to the accumulative system are
accumulated on personal accounts opened in the Xalq
Bank. Until 2019, a citizen of 2% of wages paid a
contribution to the accumulative pension system. Xalq
Volume 03 Issue 01-2023
6
International Journal Of Management And Economics Fundamental
(ISSN
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2771-2257)
VOLUME
03
I
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01
Pages:
0
1-12
SJIF
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(2021:
5.
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(2022:
5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
Bank used the accumulated pension contributions as a
financial source, but did not provide adequate return
on savings. It was established that the funds
accumulated on the personal account of the Fund can
be withdrawn by a citizen only at the retirement age,
death or when leaving the country for permanent
residence. Due to the fact that the system does not
justify itself, the size of monthly pension savings from
January 1, 2019 was reduced to 0.1%, lost economic
importance, in practice it became valuable only for
statistical datas.
Based on the views expressed in previous chapters,
and also having studied the experience of foreign
countries including Japan, we conclude that
Uzbekistan needs to develop a second element of the
pension system. The principle of social justice is one of
the basic principles of the organization of the pension
system. In addition, every citizen at retirement age
should, to a decent degree, replace his / her earnings
for the period of working age with pension payments.
This study shows that the second factor in solving such
problems is the reorganization of the accumulated
pension system in our country. The focus is on financial
markets. In other words, savings will need to be used
as investment resources to increase incomes and
ensure the profitability of accumulated savings of
citizens.In
addition,
the
management
and
implementation of this system by the state will reduce
financial risk. For example, the creation of a fund
associated with the citizens' cumulative pension
system in a pension fund or the Ministry of Finance may
be provided to commercial banks as a loan, or shares
of enterprises with state-owned shares may be
acquired with such funds. As a result, it is possible to
increase the income of the fund and receive income in
the form of interest payments to depositors.This will
reduce in the future the social risk of potential retirees
and, most importantly, will create a huge financial
resource for the development of the country's
economy.
In order to substantiate the above proposals, it was
necessary to conduct prospective calculations in order
to assess how successful the pension system in
Uzbekistan would be. For this purpose, we calculated
that if a citizen starts investing in the accumulative
pension system today, how much money will be
accumulated before reaching the retirement age and
how much additional income will affect the amount of
pension.
When
calculating
the
project
results,
the
interdependence of such indicators as the average
retirement age, average salary, average pension,
average life expectancy, average life expectancy in
pensions was taken into account.
According to the State Statistics Committee of
Uzbekistan, the nominal average incomes of the
country's population at the end of 2018 amounted to
1,822.2 thousand soums and increased by 25%
compared with the corresponding period of 2017. The
average retirement age for men and women in our
country is 57.5 years. Thus, if we are counting on a
citizen’s savings, we must take into ac
count that an
ordinary citizen can accumulate funds at least 30 years
before retirement age.At the same time, it is necessary
to take into account interest income, taking into
account the investment value of the accumulative
pension systems. Therefore, we have determined
interest income at the current refinancing rate of the
Central Bank of the Republic of Uzbekistan, that is, 16%
per annum.In addition, the average pension rate is 2%
per month, more precisely, in the first decade from 1%,
in the second decade 2% and in the last period 3%. The
reason for different rates in different periods of
Volume 03 Issue 01-2023
7
International Journal Of Management And Economics Fundamental
(ISSN
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2771-2257)
VOLUME
03
I
SSUE
01
Pages:
0
1-12
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
accumulation is that the citizen does not care about
the retirement period at a younger age, but begins to
think more about the amount of the pension as the age
increases. Therefore, it is desirable to exceed this
figure by more than one percent every ten years.
Thus, the average monthly salary of a working citizen
as of January 1, 2019 is 1,822.2 thousand, it increases by
an average of 25% annually, and, moreover, if you count
on an annual yield of 16% for 30 years, you can calculate
likely accumulated funds (Table 1).
Table 1
The calculation of the individual savings account of one person for 30 years, in thousands of UZS
Years
Average
monthly
salary
Average annual
salary C=B*12
Percentage of
monthly
contributions
The amount of
annual
contributionsF=
C*E/100
Funds accumulated at
the end of each year
(with accrued interest)
А
B
C
E
F
H
1
1 822,2
21 866,4
1
218,7
253,7
2
2 277,8
27 333,0
1
273,3
611,3
3
2 847,2
34 166,3
1
341,7
1 105,4
4
3 559,0
42 707,8
1
427,1
1 777,7
5
4 448,7
53 384,8
1
533,8
2 681,4
6
5 560,9
66 731,0
1
667,3
3 884,5
7
6 951,1
83 413,7
1
834,1
5 473,6
8
8 688,9
104 267,1
1
1 042,7
7 558,9
9
10 861,2
130 333,9
1
1303,3
10 280,2
10
13 576,4
162 917,4
1
1 629,2
13 814,9
11
16 970,6
203 646,7
2
4 072,9
20 749,9
12
21 213,2
254 558,4
2
5 091,2
29 975,6
13
26 516,5
318 198,0
2
6 364,0
42 153,9
14
33 145,6
397 747,5
2
7 954,9
58 126,3
15
41 432,0
497 184,4
2
9 943,7
78 961,2
16
51 790,0
621 480,5
2
12 429,6
106 013,3
Volume 03 Issue 01-2023
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SJIF
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(2022:
5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
17
64 737,5
776 850,6
2
15 537,0
140 998,3
18
80 921,9
971 063,2
2
19 421,3
186 086,8
19
101 152,4
1 213 829,0
2
24 276,6
244 021,5
20
126 440,5
1 517 286,3
2
30 345,7
318 265,9
Table continuation
А
B
C
E
F
H
21
158 050,7
1 896 607,9
3
56 898,2
435 190,4
22
197 563,3
2 370 759,8
3
71 122,8
587 323,4
23
246 954,1
2 963 449,8
3
88 903,5
784 423,1
24
308 692,7
3 704 312,2
3
111 129,4
1 038 840,9
25
385 865,9
4 630 390,3
3
138 911,7
1 366 193,0
26
482 332,3
5 787 987,9
3
173 639,6
1 786 205,9
27
602 915,4
7 234 984,9
3
217 049,5
2 323 776,3
28
753 644,3
9 043 731,1
3
271 311,9
3 010 302,4
29
942 055,3
11 304 663,8
3
339 139,9
3 885 353,1
30
1 177 569,2
14 130 829,8
3
423 924,9
4 998 762,4
Total savings
2034739,5
As the table shows, one working person can save up to
4,998,762,4 thousand UZS in the form of personal
savings over 30 years. At the same time, 2,034,739,6
thousand UZS of savings are net savings, and the
remaining 2,964,029.9 thousand UZS are income as a
percentage, 16% per annum.
As noted above, the average retirement age of men
and women in Uzbekistan is 57.5 years. According to
the Ministry of Health of the Republic of Uzbekistan,
the average life expectancy in Uzbekistan is 73.5 years.
Thus, the expected life after retirement in our country
is 16 years.
We have to predict what the average size of pensions
will be after 30 years, upon retirement (indexation is
taken into account) and how much it will be in the 16th
year of the pension period (Table 7). As can be seen
from the table, savings on a personal account for 30
years will be returned to a citizen with a 16% annual
yield for 16 years as an additional pension.
Table 2
Calculation of additional pension payments under the cumulative pension system, in thousands of UZS
Volume 03 Issue 01-2023
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SJIF
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705
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1121105677
Publisher:
Oscar Publishing Services
Servi
Years
Month
s
Residual
amount of
personal
account
Residual
amount of
repayments
Percenta
ge of
fund
income
Amount of yield
Total
supplementary
pension
A
B
C
D
E
F
G
1
1
4 998762,4
26 035,2
1,33
66 650,2
92 685,4
2
4 972 727,2
26 035,2
1,33
66 303,0
92 338,3
3
4 946 692,0
26 035,2
1,33
65 955,9
91 991,1
Table continuation
4
4 920 656,8
26 035,2
1,33
65 608,8
91 644,0
5
4 894 621,6
26 035,2
1,33
65 261,6
91 296,8
6
4 868 586,3
26 035,2
1,33
64 914,5
90 949,7
7
4 842 551,1
26 035,2
1,33
64 567,3
90 602,6
8
4 816 515,9
26 035,2
1,33
64 220,2
90 255,4
9
4 790 480,7
26 035,2
1,33
63 873,1
89 908,3
10
4 764 445,5
26 035,2
1,33
63 525,9
89 561,2
11
4 738 410,2
26 035,2
1,33
63 178,8
89 214,0
12
4 712 375,0
26 035,2
1,33
62 831,7
88 866,9
1-12
4 712 375,0
312 422,7
16
776 891,0
1 089 313,6
2
1-12
4 399 952,4
312 422,7
16
726 903,4
1 039 326,0
3
1-12
4 087 529,7
312 422,7
16
676 915,7
989 338,4
4
1-12
3 775 107,1
312 422,7
16
626 928,1
939 350,8
5
1-12
3 462 684,4
312 422,7
16
576 940,5
889 363,2
6
1-12
3 150 261,7
312 422,7
16
526 952,9
839 375,5
7
1-12
2 837 839,1
312 422,7
16
476 965,2
789 387,9
Volume 03 Issue 01-2023
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SJIF
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5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
8
1-12
2 525 416,4
312 422,7
16
426 977,6
739 400,3
9
1-12
2 212 993,8
312 422,7
16
376 990,0
689 412,7
10
1-12
1 900 571,1
312 422,7
16
327 002,4
639 425,0
11
1-12
1 588 148,5
312 422,7
16
277 014,8
589 437,4
12
1-12
1 275 725,8
312 422,7
16
227 027,1
539 449,8
13
1-12
963 303,2
312 422,7
16
177 039,5
489 462,2
14
1-12
650 880,5
312 422,7
16
127 051,9
439 474,5
15
1-12
338 457,9
312 422,7
16
77 064,3
389 486,9
16
1
312 422,7
26 035,2
1,33
4 165,6
30 200,9
2
286 387,4
26 035,2
1,33
3 818,5
29 853,7
3
260 352,2
26 035,2
1,33
3 471,4
29 506,6
4
234 317,0
26 035,2
1,33
3 124,2
29 159,4
5
208 281,8
26 035,2
1,33
2 777,1
28 812,3
6
182 246,5
26 035,2
1,33
2 430,0
28 465,2
7
156 211,3
26 035,2
1,33
2 082,8
28 118,0
8
130 176,1
26 035,2
1,33
1 735,7
27 770,9
9
104 140,9
26 035,2
1,33
1 388,5
27 423,8
10
78 105,7
26 035,2
1,33
1 041,4
27 076,6
11
52 070,4
26 035,2
1,33
694,3
26 729,5
Volume 03 Issue 01-2023
11
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
SSUE
01
Pages:
0
1-12
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
Currently, according to the Pension Fund, the average monthly amount of old-age pensions is 627.89 thousand soums,
which is 15.1% more than in the previous year.
Picture 2: Basic and funded pensions that a citizen can receive in the future
A citizen who has accumulated funds in the
accumulative system for 30 years at a rate of 2% of the
average monthly salary can provide an increase in
annual basic pensions by 2.45 times in the first year of
retirement age, and in the last year by 9%.
CONCLUSIONS
If we analyze the investment portfolio of pension
funds of OECD countries, we note that at the beginning
of 2015, 51.2% of investment funds were placed on
acquisitions and bills of exchange, 25.5% - shares, 8.8% -
funds and deposits. Another tradition is that in recent
years there has been a tendency to reduce the annual
income of pension funds. This is primarily due to
monetary policy, which is explained by lending at low
interest rates by central banks of developed countries.
Low incomes due to low interest rate policies pose
serious risks for the investment activity of accumulated
pension funds. As a socially-oriented state, the
Government of the Republic of Uzbekistan should
actively involve pension funds in investment activities,
providing a free competitive environment in the
financial market, thus providing a mechanism for
-
500,000.00
1,000,000.00
1,500,000.00
2,000,000.00
2,500,000.00
3,000,000.00
3,500,000.00
4,000,000.00
1
Year
10
Year
20
Year
30
Year
31
Year
32
Year
33
Year
34
Year
35
Year
36
Year
37
Year
38
Year
39
Year
40
Year
41
Year
42
Year
43
Year
44
Year
45
Year
Average amount of annual old-age pension
Average amount of annual accumulative pension
12
26 035,2
26 035,2
1,33
347,1
26 382,4
1-12
26 035,2
312 422,7
16
27 076,6
339 499,3
Volume 03 Issue 01-2023
12
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
SSUE
01
Pages:
0
1-12
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
obtaining profit from pension funds from investment
activities is an urgent socio-economic task. The current
state pension system in our country will not be
sufficient in the near future to meet the growing needs
of the population. In parallel with the state distribution
system, the systems of compulsory pension insurance
and voluntary accumulative pension insurance should
also be developed. This will help improve the efficiency
and sustainability of the national pension system,
ensuring a decent standard of living for pensioners.
REFERENCES
1.
Barr N., Diamond P. (2009) Reforming pensions:
Principles, analytical errors and policy directions //
International social security review.
‒
2009.
‒
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‒
№
2.
‒
P. 5
‒
29.
2.
Fedotov (2008) "Analysis of models for building
pension systems / A.I. Fedotov" // Proceedings of
the ISA RAS.
‒
2008.
‒
No. 38. - P.168 - 173.
3.
Kasp
aryans (2014) “Pension insurance: regional
asp
ects (Krasnodar Territory)” monograph.
Armavir: RIO AGPA.
‒
2014.
‒
168 p.
4.
Pudovkin (2016) “World experience in the use of
mandatory and voluntary funded pension systems:
lessons for Russia” / A.V. P
udovkin // Bulletin of
MGIMO-University.
‒
2016.
‒
No. 3.
‒
P. 258-264.
5.
Melbourne Mercer Global Pension Index 2015 //
Australian Centre for Financial Studies, Melbourne.
–
2015.
–
78 p.
6.
OECD Pensions at a Glance 2015: OECD and G20
Indicators // OECD Publish-ing, Paris. - 2015. - 374 p.
7.
www.mofa.go.jp
8.
www.stat.uz
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www.nenkin.go.jp/
10.
www.gpif.go.jp/en/
