Details added (first version posted on 11:47)
Baku, Azerbaijan, Feb. 26
By Azad Hasanli, Anvar Mammadov - Trend:
The adjusted budget of the State Social Protection Fund of Azerbaijan will make it possible to improve financial sustainability of the country's pension system, head of the fund Elman Mehdiyev told reporters Feb. 26.
"Recently, the parliament of Azerbaijan has approved the adjusted budget of the fund for 2016," he said. "The funds were also allocated through the proceeds of the state social protection fund from contributions to the state social insurance. This gives grounds to say that the country's pension system will be financially stable enough."
The head of the fund also said that every month, pensions in Azerbaijan are paid in advance.
Azerbaijani Parliament at the plenary session on Feb. 23 adopted amendments to the budget of the country's state social protection fund for 2016.
Revenues and expenditures of the State Social Protection Fund of Azerbaijan for 2016 increased by 7.4 percent - to 3.307 billion manats (AZN) (versus previously approved 3.078 billion manats).
The official exchange rate on February 26 is 1.5624 AZN/USD.
Revenues of the fund in the form of contributions to the state social insurance increased by 4.2 percent - to 2.055 billion manats. At the same time, contributions from the private sector will amount to 1.295 billion manats, increasing by 22.54 million manats.
Transfers from Azerbaijan's state budget to the state social protection fund increased by 13.3 percent - from 1.1 billion manats to 1.246 billion manats.
In the structure of expenditures, as much as 3.136 billion manats (versus previously approved 2.924 billion manats) will be allocated for the payment of pensions and as much as 102.85 million manats (versus previously approved 87.557 million manats) will be allocated for the payment of allowances.