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Kazakhstan adopts state-supported education deposits

15 january 2013, 13:01
0
President Nazarbayev. © Maksim Popov
President Nazarbayev. © Maksim Popov
Kazakhstan’s President has enacted law on the state-supported education deposits to be introduced as a tool to help families accumulate funds to cover their children’s tuition fees, a Tengrinews.kz journalist reports, citing the President’s website.

According to the law, depositing a certain amount in the name of their child, parents enjoy both the bank’s interest and a special premium from the government.

The minimum obligatory amount to be deposited in 2012 shall be 4854 tenge ($32). The amount of all the following installments and frequency thereof shall be at the discretion of depositors. The premium offered by the government shall make 5%, with the figure standing at 7% for some categories of population.

When presenting the draft legislation in the country’s Parliament, the Education Minister cited an example of how the scheme will work: “”Let’s assume a family open a deposit in the name of their 10-year-old child. The first deposited amount makes up 5000 tenge ($33), with all the following monthly deposits standing at 15 000 tenge ($100). By the time the child turns 17, the amount of the deposit will make up 2 075 000 tenge ($13 800), with 60% of the amount being the depositors’ money, 23% provided by the bank as an interest on the deposit and the other 17% provided by the government as a premium”.

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