The Eurasian Economic Union (EAEU) is a regional organization comprised of five countries, namely Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The EAEU`s goal is to promote economic integration, ensure the free movement of goods, services, capital, and people, and to foster the development of a common market. As of 2021, the member states of the EAEU have signed a pension agreement that aims to harmonize their pension systems and benefit the citizens of their respective countries.
The EAEU pension agreement is a significant step towards greater economic integration and cooperation between member states. The agreement is designed to ensure that individuals who have worked in one or more of the EAEU member states receive their pension benefits according to a unified set of rules, regardless of their place of residence. The agreement is also intended to provide greater transparency and predictability in the payment of pensions, which will help reduce uncertainties and risks for pensioners.
The agreement applies to all individuals who have worked in any of the EAEU member states and have contributed to the pension systems of those countries. The pension agreement covers both state-run and private pension funds, ensuring that individuals receive their pension benefits from whichever pension fund they have contributed to in any EAEU member state.
One of the main benefits of the EAEU pension agreement is that it ensures the portability of pensions. This means that individuals who have worked in one or more EAEU member states can transfer their pension rights to the country where they choose to reside. This provides greater flexibility and freedom of movement for EAEU citizens, as they can choose to live and work in any of the EAEU member states, knowing that their pension benefits will travel with them.
The EAEU pension agreement also seeks to harmonize the pension system rules across the member states. This means that pensioners will be paid pensions based on a unified set of criteria, such as the length of service and the amount of contributions made to the pension fund. The harmonization of the rules will help reduce disparities in pension benefits across the EAEU member states, providing greater fairness and equity for all pensioners.
In conclusion, the EAEU pension agreement is a significant step towards greater economic integration and cooperation between member states. The agreement provides greater transparency, predictability, and flexibility in the payment of pensions, as well as ensuring the portability of pension rights. The harmonization of the pension system rules across the EAEU member states will help reduce disparities and provide greater fairness and equity for all pensioners. As the EAEU continues to grow and develop, the pension agreement will play a critical role in promoting greater economic integration and cooperation between member states.