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Follow on Google News | Retirement provision sector in the Kyrgyz Republic: funded system in actionA new financial institution – a non-state pension fund (NSPF) “Zhany Asia” – complemented the retirement provision sector of the Kyrgyz Republic.
By: Flexi Communications Advancement of non-state pension funds corresponds with two priorities of republic’s development outlined by the President of the Kyrgyz Republic. These are: increasing the inflow of “long money” to domestic investment projects and adding to social stability. - Non-state pension funds represent a response to current Kyrgyz economic realia, - states Bakytbek Satybekov, CEO of NSPF “Zhany Asia”. – A great part of our citizens, such as private entrepreneurs, migrant workers, employees that are paid “under the table”, are completely excluded from the state retirement provision system. Additionally, the system itself operates under the principles of equal distribution, where the pension sums do not correspond with the actual amount contributed to the fund by the workforce. Like the participants of any NSPF, the contributors of NSPF “Zhany Asia” have a set of advantages. First of all, the amount of retirement savings depends directly on the participant; NSPF “Zhany Asia” investment policy is implemented in compliance with legislation of the Kyrgyz Republic. It is characterized by its conservative nature; retirement contributions are invested only in reliable securities including non-state securities, which, in turn, ensures an inflow of domestic investments into the Kyrgyz economy. # # # MGN Group provides a full range of professional investment banking and asset management services to domestic and international clients. MGN Group has two main divisions: MGN Capital and MGN Asset Management End
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