Transfers to State Social Protection Fund of Azerbaijan from the state budget will be 43% next year

Transfers to State Social Protection Fund of Azerbaijan from the state budget will be 43% next year
# 24 October 2011 13:39 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Draft law on “Budget of the State Social Protection Fund of Azerbaijan Republic for 2012” has submitted to the parliament as part of a package of state budget envelope. According to the law, revenues and expenses of the Fund are provided at level 2 454.3 million manat.

In the income structure of the fund AZN 1,407.5 million or 57.4% fall on the mandatory state social insurance premiums, AZN 1,044.3 million or 42.55% - payments from the state budget, AZN 2.5 million, or 0.05% - other income.

AZN 2,322.540 million 94.6% of the total expenses in the structure of the fund wil be directed to pay costs of pensions.In addition, AZN 18.850 million or 0.8% of the costs will be expended for the grant of the public pension and benefit payment services for conducting banking operations, AZN 15.660 million or 0.6% - a spa treatment of the insured, AZN 21.6 million or 0.9% - of the central apparatus of the fund, AZN 3 million or 0.1% - to finance the “Financing Agreement between the Republic of Azerbaijan and the International Development Association”, AZN 1.430 million or 0.06% - the “State Program on development of the pension-insurance system in Azerbaijan in 2009-2015 years”, AZN 40 thousand - to pay membership fees in international organizations.
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