The Unified Accumulative Pension Fund will be designated as the operator for the National Fund for Children program to ensure that the funds in the accounts of Kazakh children are used for their intended purpose. Thus, the operator will have the competence to open savings accounts, make targeted savings payments, as well as collect and process personal data of individuals from the information system of government agencies without their consent. It bears noting that after a child reaches the age of 18, the funds will be kept for a period of 10 years. If the funds are not utilized within this timeframe, they will be transferred to a citizen’s pension account. Young Kazakh citizens will be able to spend the accumulated funds to improve their housing conditions or pursue education once they reach adulthood.
“It is important to note that in case of cancellation, loss or change of Kazakh citizenship, the right to request payments is also lost, meaning that a child will not be able to receive these funds. However, if a child remains a citizen of Kazakhstan until the age of 18, the funds will be retained. In case a child goes abroad without changing his or her citizenship, the funds will be preserved for them, and the accumulated amount will be paid out in accordance with the norms envisaged in the bill. If a child moves to a different country and later comes back to Kazakhstan and is granted citizenship, all previous funds will be canceled. For example, if a child moved abroad at the age of five, but returned back to the country and obtained citizenship at the age of 12, the previously accrued funds will be nullified, and the new count will commence at the age of 12,” said Unzila Shapak, member of the Mazhilis, the Lower House of the Kazakh Parliament.
Editor: Admin
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