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The world financial crisis will not pose any problems in the payment of pensions in Azerbaijan

24 December 2008 14:38 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. The world financial crisis will not create problems in the financing of pensions in Azerbaijan next year, said Salim Muslimov, Chairman of the State Social Protection Fund.
According to him, the trends are expected to affect the social insurance receipts from extra-budgetary sector.
â€œThe Fundâ€™s budget envisions 36.4% of social insurance receipts from extra-budgetary sector. In this case, the projections may be revised. To ensure payment, we will use administrative methods next year,â€ he added.
Salim Muslimov cited the report of CIS Social Protection Funds Association as saying the minimum pension fell to $63 in Russia, to $80 in Ukraine, to $105.5 in Kazakhstan as a result of the dollar appreciation versus national currencies.
However, because of the strengthening of the national currency, the minimum pension rose to $93.4 in Azerbaijan.
Currently, Azerbaijan is the fourth after Lithuania, Estonia and Kazakhstan in terms of the minimum retirement benefits. In Armenia, the minimum pension is $22.