Turkmenistan introduces non-cash pension system amid economic woes
Turkmenistan has introduced a non-cash system of payment pensions to retirees, as the country experiences an economic downturn and a deficit of foreign currency largely due to decreasing revenues from its main export commodity — natural gas.
In May, Turkmenistan’s retirees were informed unexpectedly that starting from June onward their pensions will no longer be handed out in cash in bank offices as before but will be transferred to a bank card for which a bank account needs to be opened, the independent foreign-based news website Chronicles of Turkmenistan reports.
Since it is impossible to change the payment system for all the retirees it was announced that from June onward pensions will be paid to bank cards of residents under 65 years old. Later non-cash pension payments will be introduced for the remaining senior citizens.
Read More: The Times of Central Asia