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Pensions of labor migrants from Uzbekistan will depend on insurance payments to the Pension Fund

The Pension Fund under the Ministry of Finance told about the mechanism to the correspondent of Uzbekistan Today.

It's simple. According to the decision of the government of Uzbekistan, the size of pensions of the citizens working abroad will depend on the amounts of the paid insurance premiums to the Pension Fund and the length of service.

It should be noted that calculation of the pensions will be made on a general basis.

That is, the initially accrued pension cannot be more than the maximum specified amount. But the amount of the accrued pension now depends on the size of contributions which are paid by migrant workers to the Pension Fund.

The size of insurance premiums to the Pension Fund shall be fixed by a migrant worker independently, but it should be not less than one minimum wage per month established by the legislation on the date of payment of insurance premiums to the Pension Fund.

Payment of insurance premiums to the Pension Fund may be made by a person working abroad on a monthly or quarterly basis, as well as by a lump sum on arrival in Uzbekistan within three months from the date of arrival.

In the case of payment of insurance premiums to the Pension Fund by bank transfer the date of the insurance premium to the Pension Fund is considered to be the actual date specified in the payment document. It also should indicate surname, name, TIN, and the period for which the payment is entered. In case if the payment document does not specify the period, it is considered that the payment is made for the current month.

Insurance premiums in national currency are paid to the corresponding revenue transit accounts of the Pension Fund opened in the banks serving the state tax service at the place of permanent residence of a person working abroad independently, by family members or by an attorney.

Another interesting fact is that payment of insurance premiums to the Pension Fund may be made in foreign currency (from another country) to the special foreign currency accounts of the Pension Fund. However, in this case, the money will immediately be converted into national currency at the rate of the Central Bank of the Republic of Uzbekistan at the time of payment.

In case of non-payment by a person working abroad insurance premiums to the Pension Fund, the entry in workbook by the relevant department of the Pension Fund is not performed.

If a person working abroad suspended payment of insurance premiums to the Pension Fund, accounting the work experience considering for admission of pension is suspended from the last date of payment of insurance premiums to the Pension Fund. For the time when the amount of paid insurance premiums to the Pension Fund for the relevant month has been less than the size of the fixeв insurance premium the work experience considering for admission of pension for this period to be taken into account after payment the necessary additional sums.

Workbook of migrants has been stored and maintained in the Pension Fund Department in the place of residence for the duration of payment of insurance premiums to the Pension Fund.

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