Azerbaijani parliament debates State Social Protection Fund budget hike

Economy Materials 24 May 2024 14:49 (UTC +04:00)
Elchin Mehdiyev
Elchin Mehdiyev
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BAKU, Azerbaijan, May 24. An increase in Azerbaijan's State Social Protection Fund (SSPF) budget for 2024 is suggested, Trend reports via the amendment to the relevant national law.

The issue was discussed at today's meeting of the Azerbaijani Parliament Committee on Labor and Social Policy.

The amendment envisages the fund's budget increase from 6.91 billion manat ($4.08 billion) to 6.94 billion manat ($4.10 billion).

Additionally, revenue from mandatory state social insurance contributions is expected to rise from 5.28 billion manat ($3.12 billion) to 5.47 billion ($3.23 billion).

Revenues from the non-budgetary sector are increasing from 3.38 billion manat ($2 billion) to 3.57 billion manat ($2.1 billion).

Furthermore, the amendment envisages an increase in the state budget allocations for financing the budget obligations from 1.39 billion manat ($821.18 million) to 1.23 billion manat ($727.3 million) to balance the budget of the State Social Protection Fund.

To note, the revenues of the Azerbaijani SSPF amounted to 6.67 billion manat ($3.9 billion) last year, which is 16.5 percent higher than in 2022, and the SSPF's expenses stood at 6.08 billion manat or $3.58 (an increase of 15.8 percent).

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