“We are developing legislative framework on this issue. Twinning project has been prepared as a part of the cooperation with the European Union to study the international experience and invite international experts. The project has already been confirmed, executive organizations have been chosen,” he said.
He said one of these countries is Latvia, the second partner is Germany. Initial discussions held with the experts of these countries have been completed.
“We expect the process of signing of this project between Azerbaijan and the European Union to be completed in the coming months. The realization of the project will start after that. The implementation of the project will form legislative framework of the application of the accumulative component in the state pension system and establishment of non-state pension funds,” he said.
Chairman of the Fund said there still are a lot of questions. He said both the application of the accumulative component in the state pension system and establishment of non-state pension funds depend on external factors.
“The main issue is to protect the money accumulated in the individual account of the citizen from market influence, inflation risks, negative tendencies of the financial market,” he said.
Chairman of the Fund said the second important factor is the source on which the accumulation account is formed. Elman Mehdiyev said the global financial crisis and the experience of the Fund show that a number of countries have cancelled compulsory accumulative component.
“Studies have been conducted in this sphere, concrete proposals have been put forward. Final proposals comprise new clauses of the Pension Reform Concept. After the document is confirmed, elements of the application of accumulative component, activity of non-state pension funds will be known. The legislation will be formed with Twinning project in line with the norms,” he said.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
