DUSHANBE, April 28, 2009, Asia-Plus  -- An April 27 cabinet meeting considered a bill on insurance and state pensions prepared by the Ministry of Labor and Social Protection.

Speaking in an interview with Asia-Plus, Deputy Labor and Social Protection Minister, .Emin Sanginov, noted that the bill provided for shift to multichannel financing of pension payments in the country as well as responsibility of all parties of pension relationship, namely state authorized bodies, employers and citizens themselves, for the level of employee retirement security.

“The draft law is based on the bill worked out by the Association for Social Security of the Population of Tajikistan and supplemented by the provisions from the living law on pensions adopted on June 25, 1993,” the deputy minister said, noting that the proposed bill formulated main principles and mechanisms of regulation of the single employee retirement security system.

The bill introduces notions such as personified registration, individual pension accumulations, insurance pension, basic part of pension, length of insurance experience, individual pension, conventional pension capital, etc.

“Functioning of non-governmental employee retirement security system will allow reducing state expenses on payment of pensions and with the lapse of time social taxes and fees accordingly that, in turn, will allow raising competitiveness  of Tajikistan in the regional labor market,” Sanginov said.