Kazakhstan will fund young generation’s education and housing through personal accounts set up at birth

Source: Meduza

Kazakhstan’s Finance Ministry has unveiled a new social welfare project geared towards funding housing and education expenses for the next generation of Kazakhstan’s citizens.

The Kazakh news outlet Tengri News writes that, starting in 2024, each new citizen born in Kazakhstan will be given a savings account to be funded in regular installments from the National Fund (which is itself funded by the country’s natural resources).

By the time the beneficiary reaches the age of 18, they should have around $3,500 to use towards education (anywhere in the world) or buying a home in Kazakhstan.

The Russian publication RBC points out this model’s similarity to the way Norway runs its Government Pension Fund.

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Kazakhstan will fund young generation’s education and housing through personal accounts set up at birth

‘A twisted form of democracy’ In Sunday's referendum, Kazakhstanis voted to amend the country's Constitution. The authorities call it a step towards democracy, but many have doubts.

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