India, Aug. 12 -- Parents worrying over rising costs of raising offspring could breathe easy. President Donald Trump's new savings accounts for children are moving closer to becoming a workplace benefit, potentially giving parents another way to build long-term wealth for their children directly through their jobs.

The US Treasury Department and IRS have proposed rules that would allow employers to contribute to Trump Accounts on behalf of employees' children, reported CNBC, while also giving workers the option of directing pretax dollars from their paychecks into the accounts.

This would push the Trump Accounts from a new government-backed savings initiative into an employer benefit - but companies will still have to decide whether the...