All children, residents of Kazakhstan who have not reached the age of majority as of the end of 2023, have become participants in the program starting from January 1, 2024.
The total number of program participants is 6,919,131 children (children born from January 1, 2006 to December 31, 2023, inclusive). Of these, 304,815 participants will turn 18 years old in 2024 (children born from January 1, 2006 to December 31, 2006, inclusive).
Over the past year, all of them have received the same amount of $100 from the National Foundation of Kazakhstan.
It is important to realize that these are only the first accruals; the amount will be annually increasing due to the growth of the National Fund’s assets and the receipt of investment return. Besides, the accrued funds will continue to be invested as part of the National Fund’s foreign currency assets and bring additional investment return to children participating in the program until they reach the age of 18.
The specified amount has already been transferred to the target savings accounts of children who will turn 18 in 2024, opened automatically in the UAPF. These program participants will have the right to use their target savings for housing or education immediately upon reaching adulthood.
Purpose requirements are the government's obligations to children under 18 years of age, citizens of the country. They are annually formed in the National Fund at the expense of 50% of investment return calculated at the rate of return averaged over the last 18 years (preceding the reporting year). The funds considered as purpose requirements will continue to be invested until the child's 18th birthday and additional return on investment will be annually accrued on them.
According to the law, the right to use purpose requirements occurs only after the child reaches 18 years of age. In the year of reaching the 18th birthday, the amount of accumulated purpose requirements is transferred to the child’s target savings account opened in the Unified Accumulation Pension Fund to be spent on housing or education.
Money accumulated in the UAPF on target savings accounts of Kazakhstani children who reach 18 years of age this year is called target savings. In order to use these funds, an adult program participant can contact authorized operators by opening a bank account there, to which their target savings will be transferred from the UAPF in US dollars. The list of authorized operators that have concluded agreements with the UAPF and work under the “National Foundation for Children” program is posted on www.enpf.kz.
The UAPF records every purpose requirement and target saving under the National Foundation for Children program (including accumulated investment return) in US dollars, and also provides information on program participants.
It is important to know that a full list of children participating in the UAPF program is compiled annually based on official information from the State Database “Individuals”. If a child is included in this database, they automatically become participants in the National Foundation for Children program and are guaranteed to receive purpose requirements and investment return for all years of participation in the program.
Photos are from open sources.
