PRESIDENTIAL DECREE OF TURKMENISTAN

of May 7, 2003 No. PP-3856

About increase in the sizes of pensions and public welfare payments in Turkmenistan

Considering high rates of economic development of Turkmenistan, and for the purpose of consecutive implementation of the National program "The Strategy of Social and Economic Transformations in Turkmenistan for the Period till 2010" directed to strengthening of the state guarantees to citizens in questions of provision of pensions and social protection, I decide:

1. Increase the sizes of paid pensions and public welfare payments from 1 Magtymgula 2003 twice.

2. Establish from 1 Magtymgula 2003 the maximum size of pension to participants and disabled people of the Great Patriotic War of 1 600 thousand manats, to other categories of citizens - 1 500 thousand manats.

3. To the Ministry of Social Welfare of Turkmenistan to make calculation reappointed:

pensions proceeding from the average monthly salary across Turkmenistan in the amount of 1 760 thousand manats;

public welfare payments proceeding from basic size in the amount of 500 thousand manats.

4. Determine that:

payment of insurance pension contributions is made on the personal retirement account of the citizen opened at its choice in any national commercial bank of Turkmenistan;

charge of investment revenue on pension accruals of citizens is made by the relevant national commercial banks of Turkmenistan monthly at the rate not below refunding rate of the Central bank of Turkmenistan.

5. To the Ministry of Justice of Turkmenistan to prepare and provide offers on entering into legal acts of Turkmenistan of the changes following from this Decree to the Cabinet of Ministers of Turkmenistan.

6. To impose control over the implementation of this Decree on the Vice-chairman of the Cabinet of Ministers of Turkmenistan Aydogdyev D.

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