Pension base can be deleted in Azerbaijan

Pension base can be deleted in Azerbaijan
# 13 July 2012 11:52 (UTC +04:00)
To him, to do this, coefficients can be applied to base part of labor pensions depending on the years of service’s length. The Fund has already developed proposals on it: ‘Such a system existed in the USSR period, too. According to that system, when men have 25 years of work experience and women – 20 years of work experience, then they were able to receive pension fully. And when working experience was less than the this period, the pension was also given less than that the one.

According to other proposal, base can be totally deleted. As a result of situation, the collected social insurance premiums are not enough for payment of pensions. That is, only 60-61% of pensions are formed on the basis of social insurance premiums in Azerbaijan. Other part of the pensions is paid at the expense of transfers from the state budget.






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THE OPERATION IS BEING PERFORMED