The International Advisory Committee (IAC) has outlined six key areas for reforming Uzbekistan’s pension system, including the creation of private pension funds. Uzbekistan’s Agency for Strategic Reforms announced the recommendations this week.
The council advised the government to strengthen the financial sustainability of the pension system. Private pension funds, it said, should operate on a voluntary contribution basis.
IAC also recommended the full digitalisation of all pension-related services and the introduction of an insurance-based work history system.
In addition to pension reform, the council issued guidance across five fiscal policy areas aimed at expanding the tax base and improving the transparency and efficiency of tax administration. Notably, IAC suggested calculating excise duties on sugary drinks based on sugar content.
The council further advised Uzbekistan to adopt five new laws to support the next phase of reforms. IAC experts pledged to help tailor successful international practices to Uzbekistan’s development context.
Kursiv Uzbekistan previously reported that the IMF had raised the possibility of increasing the retirement age in Uzbekistan.
