Participants of “Keleshek” voluntary savings system can now save up to 50% on education at Satbayev University

Satbayev University is the first university in the country to support the initiative of State’s Head to implement “Keleshek” voluntary funded system and provide significant preferences for participants in the given program. Askar Izimbayevich Ibraimov, Chairman of Management Board of JSC Financial Center, commented on this initiative:

- With the signing of the given memorandum, we are taking another step towards creating an accessible environment for the education and development of young people. We believe that education is not just a path to a profession, but also an opportunity for everyone to realize their potential and contribute to the country’s growth," he said.

On January 20 of this year, Satbayev University and the operator of the state funded educational system, JSC Financial Center, there was signed a memorandum under which the university provides tuition discounts ranging from 20 to 50% for participants of “Keleshek” voluntary funded system.

Thus, the participants of “Keleshek” system, including the entrants:

• orphans or those left without parental care will receive a discount of 50% of the tuition fee;
• large families will receive up to 30% discount;
• low-income families will receive a 25% relief;
• from other categories, they can count on a 20% discount.

The corresponding agreement was signed by Board’s Chairman - University Rector Meiram Mukhametrahimovich Begentayev, and Askar Izimbayevich Ibraimov, Chairman of Board at JSC Financial Center.

Hence, an entrant who has not received a state educational grant, but has accumulated at least half of the tuition fee under “Keleshek” program, can get the above discounts upon admission to Satbayev University.

- For us, to support “Keleshek” program is not just a step towards the initiative of State’s Head, but rather a direct realization of our main mission," said Meiram Begentayev. - We strive to make high-quality technical education affordable and create innovations that will improve the life of the whole country. Therefore, program participants receive not only financial preferences, but also the opportunity to become part of the strong educational and scientific community at Satbayev University.

As part of the collaboration, both sides intend to strengthen the joint work to ensure financial accessibility and support for talented students, as well as the introduction of new educational initiatives.

For reference:

With the purpose to implement the instructions of State’s Head, announced in the Address to Kazakhstan’s people on September 1, 2023, “Economic Course of Fair Kazakhstan”, there was elaborated “Keleshek” unified voluntary accumulative system.

 “Keleshek” is an additional mechanism of state support, implemented along with the allocation of state educational grants (state grant), intended for children of Kazakhstan to accumulate stable financial resources until they reach the age of 18 in order to pay for educational services in the country and abroad, including the higher education, as well as technical and vocational one.

To participate in “Keleshek” system, parents need to open a bank deposit or sign a contract with life insurance companies that are participants in the State Educational Funded System (SEFS). When a child reaches the age of 5, the state will charge a starting educational capital of 60 MCI (in 2025 it is 235,920 tenge), and 120 MCI (471,840 tenge) for orphaned children, and a state bonus of 5-7% will also be paid annually, as well as remuneration from the participating bank or investment income from LIC.

The condition of “Keleshek” system is a mandatory annual minimum contribution by parents in the amount of at least 12 or 24 MCI. No annual contributions are required for orphaned children.

The accounts will be insured by Kazakhstan Deposit Guarantee Fund, and the amount of insurance payments will be insured by Insurance Benefit Guarantee Fund. However, deposits are not subject to penalties, arrest, or other restrictions.

In case of receiving a state grant, the funds can be used for postgraduate education. In addition, the accumulated funds can be used to improve housing conditions or, if necessary, transferred to third parties - RK citizens, who also participate in “Keleshek” program. Alongside, subject to the provision of a document of education, the depositor can receive all the accumulated funds with the capitalized remuneration of the participating bank, accrued bonuses from the state and the initial educational capital.