ASTANA – Starting Feb. 1, nearly 6.9 million children in Kazakhstan, who are under 18 years old, began to receive their inaugural payments as part of The National Fund for Children program, announced the State Counselor Erlan Karin in his post on Telegram.
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Karin underscored that the government officials have explained the mechanisms for fund allocation.
Under the program, 50% of the investment income of the National Fund of Kazakhstan, a sovereign wealth fund established by the government in 2000 to manage oil revenue more effectively, will be allocated to children’s special savings accounts.
Upon reaching adulthood, these funds can be used to purchase housing and obtain education.
State Counselor Erlan Karin. Photo credit: Akorda.
The Unified Accumulative Pension Fund said in a statement that as of Jan. 1, 2024, 6,919,131 children born between Jan. 1, 2006, and Dec. 31, 2023, are eligible for the program.
Among them, 304,815 will turn 18 in 2024. Each participant received an equal sum from the National Fund over the past year, reaching $100.52.
This sum is projected to increase annually, driven by the growth of the National Fund’s assets and investment returns. The funds will remain invested as part of the National Fund’s currency assets, generating additional returns for participants until they reach 18.
The State Counselor also highlighted that the Mazhilis, Kazakhstan’s lower chamber of parliament, has initiated legislative efforts focused on women’s rights and children’s safety. This law, crafted by a group of deputies, aligns with the President’s commitment to enhance accountability for domestic violence and pedophilia.
