Mazhilis Approves Amendments to Draft Law on Children’s Payments Funded by Kazakh National Fund
Kazakhstan Approves Amendments to Law on Payments to Children from National Fund
Deputies of the Mazhilis, the lower chamber of the Kazakh Parliament, have approved the Senate’s amendments to the draft law on payments to children from the National Fund. This news comes from the Mazhilis’ press service.
The draft law, which has now been sent to the President for approval, states that starting from January 1st next year, 50% of the National Fund’s annual investment income will be allocated to special savings accounts for children until they reach the age of 18. The National Fund of Kazakhstan was established in 2000 to effectively manage oil revenue.
This move aims to provide children with the opportunity to purchase property or improve their housing conditions within Kazakhstan, as well as pursue higher education at domestic and foreign institutions. The funds will be available exclusively for these purposes.
Minister of National Economy Alibek Kuantyrov emphasized that the funds in the National Fund cannot be claimed by parents. He stated, “This is the child’s money, not the parents’. When a child becomes an adult, he or she will have the right to use it, but only to improve their living conditions or for educational purposes.”
The approval of these amendments reflects the Kazakh government’s commitment to supporting the future of its younger generation. By allocating a significant portion of the National Fund’s investment income to children’s savings accounts, Kazakhstan aims to empower its youth in building a better future for themselves and contribute to the country’s overall development.
