Single pension fund concept wasn't developed in a day: Marchenko

ALMATY. March 19. KAZINFORM "It took us a year and a half to discuss further modernization of the national pension system in full detail which includes the merger of all pension savings funds," Chairman of the National Bank of Kazakhstan Grigory Marchenko said during an online conference in Almaty on Tuesday.

"This modernization process has its pros and cons," Mr. Marchenko added. He also pointed out that it was the decision of President Nazarbayev to create a single national pension fund. Currently, the Government in association with the National Bank is working on the implementation of this idea.

According to the head of the National Bank, the idea of how the Single National Pension Fund will function is being developed at the moment.

G. Marchenko also stressed it was necessary to continue further improvement of the pension fund scheme aimed at long-term stability and development.