Finance

Finance

SSPF to increase incomes by 11% next year

14 November 2013 11:37 (UTC +04:00)

Baku. Agshin Rafigoglu – APA-Economics. State Social Protection Fund’s incomes are forecasted to increase by 11% in 2014 compared to a year earlier, said the SSPF Deputy Chairman Elman Mehdiyev at the discussions of draft law on “Budget of State Social Protection Fund for 2014” in the Milli Majlis.

According to him, Fund’s incomes for 2014 are predicted to make AZN 2,928 mln: “60.8% or AZN 1,784 mln of incomes will come from receipts on the compulsory state social insurance premiums, up 14.9% from 2013’s forecast”.

SSPF official said that the social insurance premiums to be paid by the institutions financing through budget will be AZN 660.4 mln: “Fund’s expenditures are forecasted to make AZN 2,928.5 mln, up AZN 295.8 mln or 11.2% from 2013. Payments to population will be AZN 2,861.8 mln. Expenditures for labor pensions will make 97.4% of payments to the population. Pension payments will require AZN 2,788.6 mln, up 11.5% or AZN 288.3 mln”.

E. Mehdiyev noted that SSPF forecasts increase of receipts from extra-budgetary institutions in 2014: “Fund’s incomes for 2014 will be AZN 2.928 bln, up 11.2% from 2013. At the same time, transfers from state budget to SSPF budget will also be reduced. Share of transfers from budget in the total incomes of SSPF makes 38.9%, down 2 percentage points from 2013”.