Share of insurance contributions in revenues of SSPF to hit 74% next year

 Share of insurance contributions in revenues of SSPF to hit 74% next year
# 29 December 2012 13:14 (UTC +04:00)

Baku. Ali Ahmadov – APA-Economics. The share of mandatory state social insurance contributions in financing of expenses of Azerbaijan State Social Protection Fund will increase next year, said Chairman of the Fund Salim Muslumov.

APA-Economics reports that by 2020, share of state budget’s transfer to Fund will decline from 42% to 26-27%. Share of mandatory state social insurance contributions will climb from 58% to 73-74%.

Muslumov noted that there are pensioners who receive pensions on several categories and single system for calculation of those pensions will be applied: ‘These issues have already been reflected in initial variant of new pension reforms’ concept’.

The biggest change will be connected with automatization of pension appointment for age: ‘People will be able to receive pension appointment at home’.

In general, next year both insurance part of pensions will be indexed and base part will be increased.

At present, the number of persons registered in individual account system of the Fund has reached 2.250 mln.

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