Kazakh President Signs Law on Children’s Payments from National Fund

ASTANA – President Kassym-Jomart Tokayev signed the law on introducing amendments and additions to some legislative acts on allocating funds to children from the National Fund of Kazakhstan, their payments and use on Nov. 16, reported the Akorda press service.

Photo credit: Central Communications Service.

Starting Jan. 1 next year, 50% of the National Fund’s annual investment income will be allocated to children’s special savings accounts. Upon reaching adulthood, these funds can be used to purchase housing and obtain education.

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 both at domestic and foreign institutions.

According to State Counselor Erlan Karin, the law establishes a legislative framework for the implementation of Tokayev’s initiative titled National Fund for Children, one of the key goals outlined in his election platform.

Karin called it symbolic that the law was signed by the President on the day when Kazakhstan’s population reached the milestone of 20 million people. He emphasized that both international and domestic experts projected this indicator should have been achieved, at best, only by 2024.

Due to an increase in the birth rate and life expectancy, and a decrease in mortality, the dynamics of population growth in Kazakhstan exceeded even the most optimistic forecasts.

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.  

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!