Azerbaijan approves budget income, expenditure of Unemployment Insurance Fund for 2020

  29 November 2019    Read: 1334
  Azerbaijan approves budget income, expenditure of Unemployment Insurance Fund for 2020

Income and expenditure for 2020 of the Unemployment Insurance Fund under the Azerbaijani Ministry of Labor and Social Protection of the Population have been approved, AzVision.az reports Nov. 29.

The corresponding document was adopted in third reading Nov. 29 at the plenary meeting of the Azerbaijani parliament.

Income and expenditure for 2020 of the Unemployment Insurance Fund under the Azerbaijani Ministry of Labor and Social Protection of the Population are projected at 128.2 million manat ($75.5 million).

Next year, 111.8 million manat ($65.9 million) will be provided through unemployment insurance premiums, 17.8 million manat (10.4 million) - from organizations financed from the budget, 76,200 manat ($44,914) from the extra-budgetary sector and 30,000 manat ($17,682) from other income.

The fund’s expenditures have been also made public.

Thus, for 2020, funds in the amount of 5 million manat ($2.9 million) are provided for insurance payments, 5 million manat ($2.9 million) – for vocational training and organization of additional training, 2 million manat ($1.1 million) – for provision of consulting services in the field of vocational education, 500,000 manat ($294,723) – for organization of labor fairs and labor stock exchanges, 2 million manat ($1.1 million) - for organization of paid public work, 63.7 million manat ($37.5 million) – for organization of events for self-employment, 3 million manat ($1.7 million) – for financing of a certain part of the salary of insured persons for a certain period (3, 6, 9, 12 months), 2 million manat ($1.1 million) - for the preparation of professional standards, 43 million manat ($25.3 million) – expenditure for the fund’s office and its local structures defined by the relevant executive authorities.

The law comes into force on Jan. 1, 2020.

($1= 1.7 manat on Nov. 29)


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