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`If the exchange rate fluctuation will have any impact on the consumption basket, it will be taken into account in the pension amounts`
26 February 2015
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If the exchange rate fluctuation will have any impact on the consumption basket, it will be taken into account in the pension amounts and eliminated by indexing these amounts, Chairman of State Social Protection Fund Elman Mehdiyev told journalists.
SSPF chairman noted that there is no reason for dissatisfaction: “You know that insurance-pension system has a mechanism that protects it from a number of fiscal pressures. One of these is a process of indexing pension amounts in accordance with the inflation. President passes decision in this regard every year. The SSPF conducts indexing of pensions in the automatized system. We conducted indexing in pensions, as well as in insurance capitals in the personal accounts this year too. This mechanism expresses protection of pension amounts from fiscal impacts without regard to inflation, as well as change of consumption prices”.
