Increase in Kyrgyzstanis Contributing to Social Fund Insurance
New Insurance Payments Increase in Kyrgyzstan
Recent data shows that an additional 55,000 individuals in Kyrgyzstan have begun making insurance payments to the Social Fund over the last two months. This information was shared by Bakhtiyar Aliev, the Chairman of the Social Fund, during a meeting of the Parliament’s Committee on Budget, Economic and Fiscal Policy.
The surge in new insurance payers came after a significant reduction in insurance premium rates, from 27 to 12 percent. Additionally, efforts by Tax Service officials to bring non-payers into compliance have also contributed to the increase.
Aliev highlighted that the rise in wages among the population has resulted in higher revenue collection for the Social Fund in 2024. Consequently, the revised budget for the Social Fund this year is set at 110,863,864.7 billion soms, an increase of 3,881,409.8 billion soms compared to the initial budget allocation.
These developments demonstrate the positive impact of policy changes and enforcement measures on increasing insurance coverage and revenue generation for the Social Fund in Kyrgyzstan.
