Half of the Kazakh National Fund investment income willl be allocated to personal accounts of children under 18 which they will then be able to use to pay for tuition or to buy homes, Kazakh President Kassym-Jomart Tokayev said in an address to the nation.
"Each family should benefit from the use of the country’s national wealth. For this reason, I consider it exceptionally important to launch the National Fund for Children program in the Year of Children," Tokayev said.
The president proposed to deduct 50% of annual investment income of the National Fund to the special accumulation accounts of children until they turn 18 without the right for early withdrawal.
As soon as the recipients turn 18, the amounts saved will be spent on purchase of housing and obtaining education.
The President commissioned to launch the project beginning from January 1, 2024.
