BAKU, Azerbaijan, Feb. 28
By Yusif Aghayev – Trend:
The number of persons registered as unemployed by the State Employment Service under the Azerbaijani Ministry of Labor and Social Protection of Population amounted to 86,200 people as of February 1, Trend reports referring to the state service.
The average size of unemployment insurance payments amounted to 295.6 manat ($173.8).
The law On the Budget of the Unemployment Insurance Fund for 2020 is in force since January 1, 2020, According to the law, the income and expenses of the fund were approved in the amount of 128.2 million manat ($75.4 million) each.
Since January 1, 2018, the Law of the Republic of Azerbaijan On Unemployment Insurance is in force in Azerbaijan.
The purpose of the law is to create relations in the labor market of Azerbaijan based on risk transfer and new financing mechanisms, compensation of lost wages for insured people and provision of guarantees to strengthen social protection of the population by taking advanced measures to prevent unemployment.
The law applies to persons whose labor relations were terminated as a result of the liquidation of a state body or legal entity, or a reduction in the number of employees or staff.
Within the framework of unemployment insurance, 1.3 million manat ($764,705) were paid to the insured persons in 2019.