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Education deposits will become an option in Kazakhstan

14 june 2012, 19:07
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Vesti.kz stock photo
Vesti.kz stock photo
Kazakhstan citizens will be able to deposit money for their children’s education. A new draft law on the State Education Savings System has been presented by the Ministry of Education and Science of Kazakhstan at the Majilis Committee of Social and Cultural Development on May 22, Tengrinews.kz reports citing the press-service of the Majilis, lower chamber of the Parliament of Kazakhstan.

"The government is offering the citizens a new way of funding an education: educational deposits. Use of the deposits will be encouraged through state-funded bonuses. The deposits will be used along with the state scholarships,” the press-service of the Majilis said.

According to the law, parents will be able to open deposits in the name of their child in a second-tier bank. Beside the band interest on the deposit, a state bonus will annually awarded to the account.

"The minimum initial contribution will be set to 3 minimum calculation indexes (in 2012 this equals to 4854 tenge or $33). The amount of the following contributions and their frequency shall be set by the giver himself. The bank’s rate of return is market-based. The state bonus is 5% for everyone and 7% for those who belong to the priority category (socially vulnerable category), however, it shall not exceed 100 minimum calculated indexes (in 2012 this equals to 161800 tenge or $1100) for both cases. Upon expiration of the agreement, the necessary amount of money is transferred to the educational institution account. If a student is granted a state educational scholarship, deposit money may be withdrawn from an account or transferred to a deposit in favor of another child of the same family. It can also be used as payment for other educational degrees including post graduate education,” representatives of the Ministry of Education and Science explained.

Safety of the deposits will be guaranteed by the state. The new change in the legislation is aimed at providing better access to professional, technical, higher and post graduate education.

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