ASTANA – Deputies of the Mazhilis, the lower chamber of the Kazakh Parliament, approved the Senate’s amendments to the draft law on payments to children from the National Fund on Oct. 18, reported the Mazhilis’ press service.
The document has been forwarded to the President for approval.
Starting from Jan. 1 next year, the National Fund will allocate 50% of its annual investment income to special savings accounts for children until they reach the age of 18.
The National Fund of Kazakhstan, a sovereign wealth fund established by the government in 2000 to manage oil revenue more effectively, will enable children to purchase property or improve housing conditions within Kazakhstan and get higher education at domestic and foreign institutions.
On the sidelines of Parliament, Minister of National Economy Alibek Kuantyrov emphasized that parents cannot claim their children’s funds from the National Fund.
“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 living conditions or to study,” he said.