How much pension will I get? or, advice for future retirees
Reaching retirement age and reaping the rewards of many years of work, enjoying old age is considered a goal in everyone's life. In this case, the source of income in old age - pension plays an important role.
That's why it's necessary for everyone to worry about their future pension from their younger years and prepare for this period in advance.
Many people only start thinking about their pension when they are close to retirement. “How much pension will I get?”, “Will I get a high amount of pension?” are questions that occupy their minds.
After the pension has been assigned, many citizens have questions like “Why was I assigned a low amount of pension?”, “I should have received more pension according to my calculations?”
To avoid such questions among citizens and for citizens approaching retirement age, as well as the youth, the following advice was given.
Who is eligible for a pension?
Full age-related pension for men is assigned at the age of 60 with 25 years of work experience, and for women at the age of 55 with 20 years of work experience. Those with less work experience (at least 7 years) will be assigned a partial pension, meaning the pension will be lower.
What counts as work experience?
For pension assignment, periods of official employment with calculated wages, periods as an individual entrepreneur, self-employed or working abroad where social tax was paid to the Pension Fund are included in the work experience.
For your information: A woman with officially calculated working periods and social tax paid as an individual entrepreneur, self-employed or as someone working abroad totaling 20 years, has the privilege of retiring on an age-related pension from the age of 54.
In this context, periods of military service, full-time education at higher education institutions and parental leave (up to 3 years per child, a total of up to 6 years) are also added to the total work experience, provided the citizen has at least 7 years of work experience.
How is preparation for retirement conducted?
The pension takes into account the citizen’s official employment period and the taxes paid on earnings (income). That is, a citizen’s right to a pension forms gradually as they work officially and earn official income over the years.
Thus, every citizen prepares for retirement by officializing their work activity and income.
As we all approach retirement age, we start thinking about our pension. “How much pension will I receive?”, “Will I receive a high amount of pension?” are questions that encompass us. That is, we now start being interested in how to retire, where to apply, how the pension is calculated, what is considered in this calculation. After the pension is assigned, many of our citizens have questions like “Why was I assigned a low amount of pension?”, “I should have received more pension according to my calculations?”
To avoid such questions among our citizens and to ensure a higher amount of pension for those approaching retirement age and our youth, we would like to offer the following advice:
Firstly, Make sure that your employment is officially recognized, and that your employer is recording your work experience. You can also check this independently through the my.gov.uz portal.
Secondly, Considering we live in a digital era, demand that your employer digitizes information about your work experiences.
Thirdly, Pay attention to whether your employer is paying your wage officially. Regularly check the wages calculated for you, the actual salary you receive, income taxes being deducted, pension contributions being made, and others.
Fourthly, If you are working informally, register as self-employed and start paying social tax to the Pension Fund according to the established procedure. This will increase your work experience.
Fifthly, Regularly familiarize yourself with updates and information regarding pension legislation, and stay informed about any changes and additions.
Sixthly, If you are currently not working, you should apply to the Poverty Reduction and Employment departments to digitize the information in your labor book. This way, you can see your digitized information on the my.gov.uz portal.
Digitizing your employment information now will save you unnecessary trouble when the time comes to retire.
By following the advice above in your employment activity, your pension security is guaranteed when you reach retirement age.
For additional information, any questions regarding pensions can be answered through the Pension Fund's 1271 Call Center.
