BAKU, Azerbaijan, February 3. The available funds of Azerbaijan's State Social Protection Fund may be used as investments, Trend reports.
In this regard, it is proposed to amend the law "On Unemployment Insurance".
According to the proposed amendments, the body (institution) determined by the relevant executive authority may direct the available funds of the State Social Protection Fund for investments. Available funds, investment income, and unused balances of funds allocated for investments are collected into an account opened at the Central Bank of Azerbaijan, and their accounting is kept separately.
The budget of the State Social Protection Fund under the Ministry of Labor and Social Protection of the Population of Azerbaijan will amount to 6.26 billion manat ($3.68 billion) in 2023, which is 657.7 million manat ($386.8 million) or 11.7 percent more than in 2022.