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Gov't to initiate baby bond

The government is planning to start up a baby bond scheme modeled on the initiative launched in the UK four years ago, national daily Népszabadság reported on Monday. Under the scheme, every newborn baby would stand to receive a set sum transferred to a personal account opened by the state in its name. The account could proliferate in the child's lifetime by additional payments from the government, for example for children in needy families, and from parents' contributions, which would be offered certain financial incentives. In Hungary, the baby accounts would have a starting deposit of Ft 50,000. The money would be available when the child reaches the age of 18.