Revenues of Azerbaijani State Social Protection Fund up

  15 October 2016    Read: 984
Revenues of Azerbaijani State Social Protection Fund up
Revenues of Azerbaijan’s State Social Protection Fund increased by 8.32 percent in January-September 2016, compared to the same period of 2015, said the country’s Minister of Labor and Social Protection of Population Salim Muslumov.
He made the remarks during the ministry board’s expanded meeting dedicated to the implementation of tasks set by Azerbaijan’s President Ilham Aliyev at the meeting of the Cabinet of Ministers on Oct.7, 2016, said the Ministry of Labor and Social Protection of Population.

During the reporting period, revenues of the State Social Protection Fund increased by 181.86 million Azerbaijani manats and amounted to 2.367 billion manats, compared to January-September 2015, said Muslumov.

He noted that during the reporting period, revenues from social insurance on extrabudgetary sector also increased, which is a clear proof of the country`s economic development.

Revenues on compulsory state social insurance increased by 5.8 percent (75.65 million manats) and amounted to 1.380 billion manats in January-September 2016, compared to the same period of 2015, according to the minister.

The fund’s revenues and expenditures are expected at the level of about 3.307 billion manats in 2016.

The fund’s income from contributions to the state social insurance is planned at the level of about 2.054 billion manats.

Meanwhile, revenues from the private sector are expected at the level of 1.294 billion manats.

The fund is expected to receive about 1.246 billion manats from the state budget.

Some 3.136 billion manats are planned to be used for the payment of pensions, 102.85 million manats – for benefits (compared to the previously approved 87.557 million manats).

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