About the Fund

State Social Insurance Fund JSC(hereinafter – SSIF, Fund) was established in accordance with the resolution of the Government of the Republic of Kazakhstan dated 27 February 2004 №237 on Establishment of the State Social Insurance Fund Joint Stock Company with full state participation in its authorized capital. The authorized capital of the Fund is formed from the state budget resources. Enlargement of the Fund’s authorized capital can be accomplished on the basis of a decision of a sole shareholder or court, as stipulated by the legislation of the Republic of Kazakhstan.

The Fund is registered as a legal entity (certificate of registration №16157-1901-АО) in April 21, 2004. The rights of ownership and administering the Fund’s state shareholding are transferred to the Ministry of Labor and Social Protection of Population of the Republic of Kazakhstan.

The Government of the Republic of Kazakhstan represented by Committee for State Property and Privatization of the Ministry of Finance is the founder of the SSIF.

There is only shareholder as a supreme authority of the Fund. The SSIF shareholder rights and liabilities are established by the Law of the Republic of Kazakhstan dated 13 May 2003 №415 -11 On Joint Stock Companies considering the restrictions established by the Law of the Republic of Kazakhstan On Compulsory Social Insurance (hereinafter – the Law).

The Board of Directors is the SSIF management body, which performs overall administration function of the Fund, with the exception of resolving issues referred by the legislation of the Republic of Kazakhstan and the Fund's Regulations to the exclusive competence of the sole shareholder.

The executive body is the Director General of the Fund, ultimately exercising the management of the current Fund activity.

«State Social Insurance Fund» Joint Stock Company - non-profit organization in the form of the joint stock company, the only founder and participant of which is the state. The Fund performs accumulation of social contributions, assigns and implements social benefits to members of compulsory social insurance system, who met social risk, including survivor dependents, who is a participant of the compulsory social insurance system.

The main aim of the SSIF activity is an implementation of compulsory social insurance system in the Republic of Kazakhstan, provision of safe and targeted use of social contributions.

The Fund’s main activities are:
1) to maintain account of social contributions, penalties for late and (or) incomplete payment of social contributions, refund excessively (erroneously) paid amounts of social contributions, as well as investment income;
2) to account social payments and refund of excessively (erroneously) paid amounts of social contributions;
3) establishment and development of informational system in the sphere of compulsory social insurance.

The SSIF has the right:
1) to accumulate social contributions;
2) to engage the activity related to bonds and other financial instruments, in accordance with the procedures established by the Law;
3) to conduct advisory and explanatory work on compulsory social insurance issues;
4) to receive commissions on implementing the activities of the SSIF for maintenance of the Fund;
5) to receive information from the State Corporation «Government for Citizens» (hereinafter – State Corporation);
6) to require and receive information from compulsory social insurance system participants, necessary for providing the functions of the Fund, except for cases stipulated by legislative acts of the Republic of Kazakhstan;
7) to open branches on the territory of the Republic of Kazakhstan;
8) practice other rights in accordance with the Law.

The Fund is obliged:
1) to provide timely funds transfer to the State Corporation for effecting social payments;
2) to refund excessively (erroneously) paid amounts of social contributions and (or) penalties for late and (or) incomplete payment of social contributions to the payer, as well as to refund excessively deducted (paid) amounts of social contributions and compulsory pension contributions withheld from them to the SSIF through the State Corporation;
3) in the process of entitlement not to consider the amount of social contributions, which are declared to be illegal (invalid) in accordance with the procedures established by the legislative acts of the Republic of Kazakhstan;
4) to place temporarily free funds of the SSIF in financial instruments through the National Bank of the Republic of Kazakhstan;
5) to ensure the conduct of annual audit;
6) to provide with evaluation of financial stability of compulsory social insurance system once in three years;
7) to form decision projects for recalculation, suspension, renewal and cessation of social payments in case of receiving information from state body and organization informational systems.
8) to make decisions on entitlement, recalculation, suspension, renewal, cessation or rejection on entitlements of social payments;
9) to form projection data on estimation of requirements on social payments from the SSIF;
10) to conduct daily financial transfers to the State Corporation in order to perform scheduled social payments;
11) to provide necessary explanations on assignment and amount of social payments issues;
12) to have an automated SSIF information system in the form of software for accounting SSIF assets, as well as ensure the safety and protection of information from unauthorized access;
13) to have standby storage for information storage;
14) to ensure the information confidentiality on amount of deductions and social payments, received from informational systems;
15) to provide information on amount of social deductions to the State Corporation, declared to be illegal (invalid) in accordance with the procedures established by the legislative acts of the Republic of Kazakhstan;
16) to perform other liabilities in accordance with the legislative acts of the Republic of Kazakhstan.

The Fund has no right to:
- pledge the assets of the Fund;
- engage in entrepreneurial and other activities not provisioned by the Law.

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