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Azerbaijan banks stand against the deposition of unused pension amounts

Azerbaijan banks stand against the deposition of unused pension amounts

08 October 2008 15:08 (UTC +04:00)

Baku. Ilham Isabalayeva - APA-Economics. Azerbaijan-based banks did not agree to the proposal by the State Social Protection Fund (SSPF) on the maintenance of pension benefits as a deposit, Salim Muslimov, Chairman of SSPF, told APA-Economics.
â€œMore than 10 000 people receive high pension benefits in Azerbaijan and most of them donâ€™t draw their pensions for months. We proposed to put the untaken benefits in banks on deposit that would gain interest rates if it is not withdrawn after a month. However, banks have not yet responded to the offer,â€ he added.
He added that banks have different positions on this issue and they say that the pension beneficiary may sign a contract with a bank to deposit their pension benefit if they want.

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