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    Kazakhstan

    Kazakhstan to allocate 50% of annual oil revenues to minors' accounts for future generational wealth

    Kazakhstan to allocate 50% of annual oil revenues to minors' accounts for future generational wealth

    Kazakhstan has begun the disbursement of payments to children from the National Fund's average investment income, MIR 24 reports.

    A photo of a child holding money.
    Source: Nur.kz

    President Kassym-Jomart Tokayev's initiative ensures that 50% of the country's annual oil revenues are allocated to the accounts of minors, marking a milestone in utilizing the nation's wealth for the younger generation's benefit.

    The program allows funds accumulated until the age of 18 to be used for purposes such as housing and education. President Tokayev's vision emphasizes empowering every young Kazakh to leverage the country's national income for personal development. The estimated savings for a child under 18 may reach approximately $3,500.

    On December 16, President Tokayev signed a law facilitating the transfer of money from the National Fund to children. Each participant in the program, starting from birth, is anticipated to receive a payment ranging from $150-160 upon turning 18.

    Starting from February 1, 2024, the allocated funds will be deposited into the accounts. For those who reach the age of 18 after February 1, the option to apply for withdrawal is available through the electronic platform, enabling them to receive payments for up to one year.

     

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    04.01.2024, 00:56   Comments (0)   1968
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