The current stage of financing social protection in Kazakhstan

Abstract

The Kazakhstan government consistently declares the priority of social goals in politics and economics. The country ranks only 33rd in the international ratings on the size of the average pension among 38 European states. The development of financing for the social protection system in Kazakhstan is in line with the current scientific and practical issues. In the XXI century, the republic is facing problems of a slow economic growth, population aging, and globalization challenges. An attempt to provide answers to some of them is this study. Its purpose is to evaluate results of the process of creating a social protection system in Kazakhstan, as well as to develop proposals aimed at its further development. The research was carried out using methods of economic statistics and mathematical modeling. The first laws in Kazakhstan were aimed at the social security. Currently, 12 legislative acts have been adopted that define the institute of social security in the Republic of Kazakhstan. Social insurance is currently inferior to social security in terms of financial flows, at the same time its institutional formation is complete. Social security, assistance and benefits are financed from the budget system and prevail as part of the financial flows of social protection. In a developing economy, this can lead to financial instability of the entire system of protecting the population from social risks.