Average pension in Uzbekistan is expected to exceed 2 million soums

In Uzbekistan, the average pension amount is expected to increase gradually in the coming years, potentially surpassing the 2 million soum mark by 2029. This was announced in the Fiscal Strategy for 2027–2029 document developed by the Ministry of Economy and Finance.

According to the forecasts provided in the document, the average pension, which currently stands at 1.7 million soums, is expected to reach 1.8 million soums in 2027, 1.9 million soums in 2028, and 2.1 million soums by 2029.

At the same time, the number of pensioners is also projected to increase annually. Specifically, the figure, which was 4 million 427 thousand in 2026, is estimated to reach 4 million 592 thousand in 2027, 4 million 760 thousand in 2028, and nearly 4 million 940 thousand in 2029.

According to expert calculations, this situation will also lead to a significant increase in the Pension Fund's expenditures. In particular, the fund's expenses could reach 95.7 trillion soums in 2027. This is 11 percent more than in 2026. This figure is projected to reach 106.9 trillion soums in 2028 and 119.4 trillion soums in 2029.

The fund's revenues are also expected to grow. According to the projections, revenues are estimated at 73.8 trillion soums in 2027, 83.3 trillion soums in 2028, and 96.1 trillion soums in 2029. The main part of the revenue is generated through social taxes.

However, since the fund's expenditures remain higher than its revenues, it is planned to gradually increase the transfers allocated from the state budget. Specifically, 23 trillion soums are planned to be allocated for this purpose in 2027, 25 trillion soums in 2028, and 27 trillion soums in 2029.

The Fiscal Strategy emphasizes that the constant growth of expenditures in the pension system and the limited revenue base are increasing the burden on the state budget. Therefore, to further improve the system, it is proposed to reduce informal employment, gradually abolish social tax exemptions, involve self-employed individuals more broadly in the pension system, and strengthen the link between the social tax paid and the amount of the pension assigned.

According to calculations, if these changes are implemented, the pension amount for citizens retiring under the new procedure could increase by an average of 8 percent compared to the current level.