Regulatory Alerts2004-12-02 | 702-IIAdded
Law of the Republic of Uzbekistan on Accumulative Pension Provision of Citizens
The Law establishes the legal framework for the accumulation-based pension system in Uzbekistan, mandating compulsory participation for employers and employees while allowing voluntary participation for individual entrepreneurs and other citizens. It defines the roles of the Halk Bank in managing individual accounts, the calculation and payment of mandatory and voluntary pension contributions, and the state's guarantee of fund safety. The legislation outlines the procedures for account registration, the formation of pension funds through investments, and the oversight mechanisms involving the Ministry of Finance and tax authorities.
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