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Pension expenditures increase by 17% in Azerbaijan

22 February 2013 09:19 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. State Social Protection Fund’s revenue made AZN 212 mln in January, 2013, up 5.7% from a year earlier. Fund says the premiums on compulsory state social insurance rose 10.2% to AZN 74.6 mln.

75.9% of these premiums fell on share of non-budget sector and this sector’s premiums rose 14.6%, forecast was overfulfilled by 115.3%.

Premiums from individuals engaging in entrepreneurship rose 67.5%, from landowners – doubled. Premiums on organizations financed by budget made AZN 18 mln.

Level of premiums allowed financing of pension and benefits in time. SSPF’s expenditures in January were AZN 197.2 mln. Fund directed AZN 195.2 mln to financing of pensions and benefits, up 17% from a year ago. Pension expenses rose 17.2% to AZN 192.4 mln.

According to initial information, as of January 1, 2013, average labor pensions made AZN 152, including labor pension for age – AZN 168.

In January, 2013, AZN 2.8 mln-benefit was paid. SSPF’s other expenditures made AZN 2.0 mln (AZN 0.21 mln for Administration of the Fund, AZN 0.73 mln for delivery of pension and benefit to population, service fee for banking operations, AZN 1.1 mln for expenses financed through Azerbaijan Trade Unions Confederation), down 4.3% from 2012.