We remind our readers that effective from January 1, 2024, Kazakhstan has made significant amendments to its economic regulations:
- Monthly Calculation Index (MCI):
- Increased from KZT 3,400 to KZT 3,692.
- Monthly standard deduction revised to KZT 51,688.
- Monthly Minimum Wage:
- Increased from KZT 70,000 to KZT 85,000.
- Increased from KZT 70,000 to KZT 85,000.
- Employer Pension Contribution:**
- A new type of pension contribution was mandated at 1.5% towards the obligatory pension. The new contribution only applies to employees of a certain age group.
- New monthly ceiling introduced for various contributions, aligning with minimum wage adjustments.
The revised ceilings for social security contributions, effective from the same date, are as follows:
- Obligatory Social Security Contribution:
- Employer Contribution Only: 3.5% of 7 times the minimum wage (New Monthly Ceiling: KZT 20,825).
- Obligatory Medical Aid Insurance:
- Employee Contribution: 2% of 10 times the minimum wage (New Monthly Ceiling: KZT 17,000).
- Employer Contribution: 3% of 10 times the minimum wage (New Monthly Ceiling: KZT 25,500).
- Obligatory Pension Contribution:
- Employee Contribution: 10% of 50 times the minimum wage (New Monthly Ceiling: KZT 425,000).
- Employer Contribution (New): 1.5% of 50 times the minimum wage (New Monthly Ceiling: KZT 63,750).
These changes aim to ensure fair compensation, address cost-of-living concerns, and fortify the social security framework. Employers and employees should familiarize themselves with the updated regulations for seamless compliance.
