Members of the Mazhilis have proposed using money from the Unified Accumulative Pension Fund (UAPF) to provide Kazakhstani citizens with housing under a new preferential programme. The Government described this idea as too risky.
According to informburo.kz, in their parliamentary request, the Mazhilis members noted that the number of people on the housing waiting list in the country is increasing. It is reported that in 2021 there were 480 thousand people, and in 2024 already 640 thousand. It also emerged that only 25 thousand apartments are allocated per year under preferential state programmes.
"It is not difficult to calculate that at this rate, within a few years the number of people on the waiting list will reach 1 million people," the deputies stated.
At the same time, they added that housing provision does not exceed 23.4 square metres per Kazakhstani citizen, which is significantly lower than UN standards. To solve the problem, the Mazhilis members propose following the example of Singapore. There, pension contributions amount to 40% of wages, with 20% paid by the employee and 20% by the employer.
"The money is accumulated in the Central Provident Fund. It is then allocated for the construction of state housing, which is provided to citizens on the basis of a 99-year lease with the subsequent possibility of purchasing it. Currently, 80% of the population lives in such apartments," the deputies said, describing Singapore's experience.
The Mazhilis members propose launching a similar project in Kazakhstan, using pension money from the UAPF.
"In doing so, we will solve not only the problems of providing housing for the population, but also ensure decent returns for UAPF contributors, since the amounts received from rent and the purchase of housing will go to the source of financing at an interest rate exceeding the current yield on pension deposits," the parliamentary request states.
For his part, Prime Minister Olzhas Bektenov stated that investments in the construction of social real estate "carry significant risks associated with negative profitability, lack of transparency, and the return of invested funds."
"It should be noted that implementing the Singaporean model of pension contributions in Kazakhstan (20% of a citizen's income and 20% from the employer) could have negative consequences. For instance, the salaries of Kazakhstani citizens are significantly lower than in Singapore, and increasing the contribution rate would lead to a further reduction in their pay. As a result, social tension would arise," the Prime Minister argued.
Bektenov added that there could also be risks of employers deliberately understating official salaries in order to reduce the burden of mandatory contributions.