Starting from February 1, 2024, maternity capital in Russia will increase by 7.5%. This is an important increase for many families who rely on additional state support for the birth or adoption of children.
Maternity capital is the state social program, which was introduced in 2007 to support Russian families. The program has undergone changes, and from February 1, 2024, there will be a new increase of maternity capital.
According to official information, maternity capital will be indexed by the level of actual inflation by the end of 2023 and will increase by 7.5%. This means that the amount of maternity capital will be:
- 630,967.72 rubles for the first child born or adopted since 2020, with an additional amount of 202,832.65 rubles upon the appearance of the second child.
- 630,967.72 rubles for the second, third and any subsequent child born or adopted from 2007 to 2019, if there was no right to maternity capital before their appearance or it was not registered.
- 833,800.37 rubles for the second, third and any next child born or adopted from 2020, if there was no right to maternity capital before their appearance.
This increase in maternity capital gives families additional opportunities to improve their living conditions. The funds of the maternity capital can be used for the purchase or construction of housing, which is an important step for many families.
In addition, maternity capital money can be used for educational purposes. This means that parents can pay for their children's education in kindergarten, school or university using these funds.
You can also use the funds of the maternity capital to form a funded pension for the mother or purchase goods and pay for services for the social adaptation of children with disabilities.
Take into account that it is prohibited by law to cash out, sell or exchange a maternity capital certificate.
To sum up, increasing the amount of maternity capital from February 1, 2024 is an important step to support families in Russia and provides them with additional opportunities to provide for their children and improve their living conditions.
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