Parliament adopts law on payments to children from National Bank

The Majilis agreed with the Senate's amendments and additions to the law on payments to children from the National Fund of the Republic of Kazakhstan, El.kz reports.

The law was developed to implement the instructions of the Head of State to launch the National Fund for Children project from January 1, 2024, which involves the allocation of 50% of the annual investment income of the National Fund of the Republic of Kazakhstan to special savings accounts for children until they reach the age of 18 without the right to early withdrawal.

After the age of 18, the money will be kept in the account for 10 years. If a citizen does not use them during this period, the funds will be transferred to his pension account. The money saved can be spent on education and housing. For children born before January 1, 2024, the number of annual accruals will be equal to the number of years remaining until reaching the age of majority.

According to preliminary calculations of the Ministry of Finance, a child will save $3,500 in 18 years. The average amount of payments for the year will be 150-160 dollars.

The law was sent to the president for signature.

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