Azerbaijan sees 22% growth in pension expenses

Azerbaijan sees 22% growth in pension expenses
# 13 September 2012 13:50 (UTC +04:00)
Baku. Vahab Rzayev – APA-ECONOMICS. In January-August, 2012, incomes of State Social Protection Fund made AZN 1,624.6 mln, up 21.5% from 2011. Fund’s press service says the receipts on the compulsory state social insurance premiums soared 15.2% to AZN 891.9 mln.

60.2% of these receipts belong to non-budgetary sector. The state social insurance premiums paid by the same sector rose 18.0%, forecast was fulfilled by 109.2%.

The receipts on individuals soared 14.2%, incomes from property owners – 26.5%.

Receipts from organizations financed by budget stood at AZN 355 mln. Social insurance premiums by this sector rose 11.1% in comparison to a year earlier.

Receipts on other incomes made AZN 4.4 mln.

Fund’s expenditures made AZN 1,602.6 mln. Fund directed AZN 1,571.8 mln to finance the pensions and benefits, up 21.7% compared with a year earlier. Pension expenses surged 22.2% to AZ 1,534.9 mln, Population was paid AZN 36.9 mln-benefit during January-August.

Note that, as of July 1, 2012, amount of average monthly pensions was AZN 150.8.
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