The instruction of the President of the country to launch the National Fund for Children project starting from January 2024 is implemented by the amendments. It involves the deduction of 50% of the annual investment return of the National Fund to children’s special savings accounts until they reach 18 years of age with no right to early withdrawal.
The bill provides that these funds will be used to improve housing conditions or get education. The housing can be bought only on the territory of Kazakhstan, and education can be received anywhere.
It is important that in case of loss or transfer from the citizenship of the Republic of Kazakhstan, the right to claim payments is also lost.
It is specified that 50% of the National Fund’s return on investment are distributed equally among children of all ages up to 18 years. To calculate the annual accruals, the average annual return of the National Fund for the previous 18 years to the reporting year (in the amount of 2.6%) will be used. This will reduce the impact of short-term volatility on long-term returns. Until the child reaches the age of 18, the accrued funds will be in the National Fund, and the National Bank will invest in financial instruments. These funds represent only the child's right to claim payments upon reaching the age of 18.
After reaching the age of 18, the funds are kept in the account for 10 years. In case they are not claimed by the citizen during the specified period, they are offered to transfer to the pension account of this person.
UAPF will be the project operator.
Source: https://prodengi.kz/post/skolko-deneg-polucat-deti-iz-nacfonda
Photos are from open sources.
