BAKU, Azerbaijan, April 13. The revenues of the State Social Protection Fund (SSPF) of Azerbaijan in the first quarter of 2023 amounted to 1.5 billion manat ($882 million), Trend reports with reference to the Azerbaijani Ministry of Labour and Social Protection of the Population.
As the ministry said, the fund's revenues increased by seven percent, or 100 million manat ($58.8 million) compared to the forecast.
According to the ministry, revenues from compulsory state social insurance exceeded the forecast by nine percent, or 101 million manat ($59.4 million), reaching 1.2 billion manat ($705.5 million).
The fund's expenses, in the reporting quarter, amounted to 1.5 billion manat ($882.3 million), which is 15 percent, or 194 million manat ($114 million) more than in the same period of 2022.
Moreover, the fund's budget surplus, in accounting period, reached 67 million manat ($39.4 million).
The total expenses of the SSPF in 2023 are projected to amount to 6.2 billion manat ($3.6 billion), while last year these costs were expected to reach 5.6 billion manat ($3.2 billion). Meanwhile, the growth of the fund's expenditures is mainly predicted in regard with the financing of labor pensions (5,9 billion), which is a significant financial basis for strengthening social protection of the population.