5 The citizen’s right to pensions pursuant.

Citizens of the Republic of Kazakhstan enjoy the right to pensions pursuant to the procedure set forth by legislation of the Republic of Kazakhstan.

The state guarantees safety of pension contributions in the State pension accumulation fund.

Pension accumulations are safeguarded through:

1). licensing activity of pension accumulation funds with respect to attraction of contributions and payment of pension benefits;

2). licensing activity of pension assets management companies;

2-1). licensing custodial activity of second-tier banks;

3). establishing prudential norms for pension assets management companies;

3-1). regulating activity of pension accumulation funds through establishing appropriate norms and limits to ensure financial sustainability;

4). establishing requirements to the founders, managers and specialists of pension accumulation funds and the pension assets management companies, as well as to the size and structure of their charter capital;

5). requiring funds to keep cash money and securities only in a custodian bank not affiliated with a pension accumulation fund and a pension assets management company (except for the State Pension Accumulation Fund);

7). segregating the fund’s corporate assets and pension assets, monitoring their targeted placement;

9). diversification and risk reduction requirements being established for pension assets

management companies by a securities market regulatory authority with respect to placement of pension assets;

10). setting ceilings for rates of commissions fees charged by pension accumulation funds

11). mandating annual (amended on 05.04.1999) audit of annual financial reports of the pension accumulation funds and pension assets management companies

12). requiring regular financial and statistical reports of pension accumulation funds and pension assets management companies be provided to appropriate state bodies pursuant to the legislated procedure;

13). entitling a Beneficiary to transfer pension accumulations from one pension accumulation fund to another but not more often than two times a year;

14). Complete or partial insurance of pension savings at a Beneficiary’s discretion.

Pension payments from the Centre are administered for life.

Income taken for purposes of calculating value of a pension benefit paid from the Centre embraces all types of remuneration for work and other incomes, the list being determined by the Government of the Republic of Kazakhstan.

Income taken for purposes of calculating value of a pension benefit for 3 years of work shall be calculated through dividing the total income for 36 consecutive working months by 36.

Control questions

1 What is the objective of the labor legislation?

2 What are the tasks of the labor legislation?

3 What are the chief principles of the labor legislation?

4 What kinds of participants of labor relations do you know?

5 What kinds of grounds for emergence of labor relations do you know?

6 What is the content of the employment contract?

7 What is the distinction between an employment contract and other types of agreement?

8 What is the procedure for conclusion of the employment contract?

9 What is the procedure for amendment of the employment contract?

10 What is the procedure for supplementation of the employment contract?

11 What disciplinary sanctions do you know?

12 What is the procedure for applying disciplinary sanctions?

13 What is the procedure for appealing against disciplinary sanctions?

14 What are the main features the citizen’s right to pensions pursuant?

Topic.7 General provisions of a tax law of the Republic of Kazakhstan.

Purpose: to acquaint with the concept of the tax law as a brunch of law.

Plan:

1 The main concepts and principle of certainty of taxation

2 The rights and obligations of the taxpayer

3 The objectives and the structure of the tax service authorities

4 Kinds of taxes and other obligatory payments.