Kazakhstan Will Not Revise The Cost of Living

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On the sidelines of the Senate of the Parliament of the Republic of Kazakhstan, Vice Minister of National Economy Timur Zhaksylykov commented on the issue of revising the subsistence minimum on May 11, a Zakon.kz correspondent reports.

Representatives of the press asked the Vice Minister of National Economy whether the subsistence minimum would be revised in the near future. According to him, there are no such plans yet.

“At the moment the question is not raised, if needed in the future, it will be considered.”

Timur Zhaksylykov

The subsistence minimum for calculating the size of basic social payments in 2023 is 40,567 tenge.

Meanwhile, in March, the Ministry of Labor of the Republic of Kazakhstan prepared an order “On determining the size of the poverty line.” It will be redefined . 

The document defines the poverty line for Kazakhstan:

  • from January 1, 2023 – in the amount of 70% of the subsistence minimum calculated for the quarter preceding the quarter of applying for state targeted social assistance;
  • from January 1, 2025 – in the amount of 50% of the median income calculated for the quarter preceding the quarter of applying for state targeted social assistance.

Earlier, Deputy Director of the Department for the Middle East and Central Asia of the International Monetary Fund (IMF) Subir Lall announced the prospects for the economies of the Caucasus and Central Asia.

Source: Zakon.kz