The Unsustainable Welfare State

Charles M. Becker, Grigori A. Marchenko, Sabit Khakimzhanov, Ai-Gul S. Seitenova and Vladimir Ivliev

Chapter 2 in Social Security Reform in Transition Economies, 2009, pp 15-26 from Palgrave Macmillan

Abstract: Abstract As discussed in Chapter 1, Kazakhstan was economically unprepared for independence when it came in 1991. Table 2.1 provides key macroeconomic indicators from 1990 to 1997. The years 1992-93 were characterized by economic collapse: by 1995, Kazakhstan’s real GDP had fallen to 52.6% of its 1990 level, and the number of formal sector workers (and especially the number making regular social insurance contributions) fell rapidly and steadily. Formal sector employment was 30% lower in 1995 than in 1991; by 1997 the decline was by more than 50%. Thus, while real wages were fairly stable from 1994, when Kazakhstan became financially independent, to the onset of pension reform in 1998, this stability pertained only to a rapidly dwindling share of Kazakhstan’s labor force (Becker and Urzhumova, 1998).

Keywords: Pension Fund; Pension System; Solidarity System; Pension Reform; Average Replacement Rate (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-61802-2_2

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DOI: 10.1057/9780230618022_2

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