The World Bank recommended Uzbekistan to raise the retirement age to 65

The World Bank recommended Uzbekistan to raise the retirement age. The recommendation in this regard is contained in a report prepared at the request of the Government.

The bank's report notes that demographic changes in Uzbekistan and the growing number of elderly people are putting pressure on the pension system. This requires reforming the pension system.

"Uzbekistan is the only country in the former Soviet Union where the retirement age is 55 years for women and 60 years for men. During the transitional reforms of the 1990s, many countries increased the retirement age by 2-3 years,” the report says.

According to the World Bank experts, the best option would be to make a decision within the framework of the National Social Protection Strategy for 2021-2030, which provides for a gradual increase in the retirement age to 65 years, starting from 2025. In the future, this will gradually change the boundary between working age and retirement age, reducing the pressure of demographic changes. It is very important that the country has time for this until the demographic potential for labor force growth is exhausted (mid-2040s), since this is a matter of national competitiveness.