BAKU, Azerbaijan, March 6. The revenues of the Azerbaijani State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of Population increased in 2023, Trend reports via the report of the Cabinet of Ministers of Azerbaijan for last year.
This figure amounted to 6.67 billion manat ($3.9 billion), which is 16.5 percent higher than in 2022.
The SSPF's expenses stood at 6.08 billion manat or $3.58 (an increase of 15.8 percent).
A total of 77.9 percent of the fund’s revenues (5.19 billion manat, or $3 billion) came from contributions for compulsory state social insurance (an increase of 13.3 percent), and 94.2 percent, or 5.72 billion of expenses - from pension payments (an increase of 15.8 percent).
In addition, the Unemployment Insurance Fund under the Ministry of Labor and Social Protection invested nine million manat ($5.29 million) out of the total available assets in 2023, which amounted to 52 million manat ($30.59 million) at the beginning of last year, into investments.
Notably, revenues and expenditures of the SSPF's budget amounted to 5.6 billion manat ($3.29 billion) in 2022.