Budget of Azerbaijan’s unemployment insurance fund for 2018 adopted

  01 December 2017    Read: 554
Budget of Azerbaijan’s unemployment insurance fund for 2018 adopted

The Azerbaijani Parliament has adopted the draft budget of the country’s unemployment insurance fund for 2018 at a plenary meeting.

The fund’s revenues and expenditures for the next year are approved at 89.04 million manats, according to the draft budget.

It is planned to allocate 35.802 million manats for organization of events for self-employment, 33.478 million manats - for unemployment insurance benefits, 13.709 million manats - expenses for maintaining administration of the employment service and its local bodies, 1.788 million manats - paid public work, 1.613 million manats - professional training and additional education, 1.38 million manats - co-financing (together with an insurer) of a part of salary of those insured for a certain period, 1.15 million manats –career counseling, 120,000 manats - labor fairs and stock exchanges of the total volume of the fund’s expenditures.

The fund’s revenues are formed on the basis of insurance payments from budget organizations and their employees (17.726 million manats), insurance payments of other insurers (53.567 million manats) and other incomes (20,000 manats).

The law “On compulsory insurance against unemployment” will come into force in Azerbaijan starting from January 1, 2018.

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