BAKU, Azerbaijan, July 26. The income of the State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of the Population of Azerbaijan Republic increased by 7.3 percent in the first half of 2022 compared to the same period last year, SSPF told Trend.
SSPF said that the dynamics of reducing illegal employment as a result of the implementation of systemic socio-economic reforms, consistent growth of employment opportunities and wages made it possible to ensure a continuous increase in social insurance revenues.
SSPF revenues increased by 21 percent as a result of social insurance receipts over the past six months, the fund said.
The steady growth of these revenues, optimization of the fund’s activities and ensuring transparency made it possible to reduce the number of transfers by 8.55 percent from the state budget to SSPF from January through June 2022.
Fund also noted that despite the steady growth of social payments over the past four years, the share of transfers from the state budget to the SSPF budget for the first time in the history of the fund decreased by 17.6 percent from 38 percent four years ago to 20.42 percent.
It also indicates that significant progress has been made in strengthening the financial independence and sustainability of the SSPF, fund added.