The bill regulates issues related to the appointment and payment of pensions for citizens of both countries, as well as the accounting of work experience and the possibility of transferring pension savings.
According to Senator Amangeldy Yesbay, the main goal of the agreement is to organize legal relations in the field of pension payments to individuals. The agreement provides for mutual recognition of work experience in the solidarity pension system, as well as the accounting of military service periods and time spent in higher and secondary specialized educational institutions in the work experience.
Furthermore, he added that the law introduces a new form of cooperation regarding the export of accumulated pension funds. In his opinion, this will allow citizens to use their pension savings in the territory of another country. The agreement will also establish a procedure for confirming work experience accumulated in Kazakhstan and Mongolia for the purpose of appointing pension payments.
