FINANCIAL CONDITION AND SUSTAINABILITY ANALYSIS OF THE PENSION SYSTEM IN UZBEKISTAN
Keywords:
Uzbekistan, pension system, Pension Fund, financial sustainability, state budget transfers, social protection, pension reform, demographic pressure, public finance.Abstract
The pension system of Uzbekistan has become one of the most important components of the country’s social protection architecture and public finance framework. In recent years, the system has faced a dual challenge: maintaining adequate pension payments for a growing number of beneficiaries while preserving the financial sustainability of the extra-budgetary Pension Fund. The study relies on official data from the National Statistics Committee, the Ministry of Economy and Finance, the Pension Fund, presidential decrees, national legislation, and international assessments by the IMF and the World Bank. The results show that pension expenditures are rising faster than own revenues, the role of state budget transfers is increasing, and demographic as well as labor-market factors are intensifying long-term fiscal pressure. In 2024, Uzbekistan had 4.246 million pension recipients, while the Pension Fund’s expenditures reached about 64.0 trillion soums and exceeded its own revenues.
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References
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