14.12.2012, 17:21 21898

Senate approve education savings system

The new system's educational deposits will be made of three parts: contributions made by the deposit holder and the bank as well as a 5-percent bonus from the state. There is also a premium of 7% from the accumulated funds designed for children from low-income families, orphans and people with disabilities. The government guarantees the safety of savings.

Almaty. December 14. Kazakhstan Today - The Kazakh Senate has approved a bill on education savings system, which is expected to make higher education in Kazakhstan even more affordable.

According to Caspionet, this is the third form of state funding of education. Previously, there were only grants and loans. The new system's educational deposits will be made of three parts: contributions made by the deposit holder and the bank as well as a 5-percent bonus from the state. There is also a premium of 7% from the accumulated funds designed for children from low-income families, orphans and people with disabilities. The government guarantees the safety of savings.

"For example, parents open a bank deposit for a ten-year old child. They save money for seven years. The first payment for the deposit is five thousand tenge. In the coming months, they make monthly contributions of 15 thousand. So, by the time their child has turned 17 years old, the deposit has already reached 2 million 75 thousand tenge. As a result, parents save 60% of this amount, while the bank and the state added the remaining 40%," said Bakytzhan Zhumagulov, Kazakh Minister of Education and Science.

The Senators also approved a counter terrorism law. It provides for the strengthening of prevention, involvement of government agencies, public institutions and the general public. Ahead of Independence Day, the Kazakh Senate Speaker presented the upper chamber deputies with state awards on behalf of the President.

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