BAKU, Azerbaijan, May 27. This year, the salary fund in the State Social Protection Fund (SSPF) of Azerbaijan will be brought to 23 billion manat, or $13.5 billion, Chairman of the Chamber of Accounts of the Republic of Azerbaijan Vugar Gulmammadov said, Trend reports.
He made the statement during the discussion of amendments to the “On State Budget of the Republic of Azerbaijan for 2024” law at the meeting of the Milli Majlis' (Parliament) Committee on Economic Policy, Industry, and Enterprising.
"The State Social Protection Fund's main concern remains the salary fund," he stated.
Gulmammadov highlighted that, based on last year's data, the salary fund is just over 21 billion manat, or $12.35 billion.
"However, this amount is relatively small, not even reaching 18 percent of GDP. This year, we expect it to increase to 22–23 billion manat ($12.9–$13.5 billion). The most important issue for us is ensuring that the wage fund across the country grows and that the State Social Protection Fund can effectively utilize these funds," the chairman added.
To note, from January through April 2024, Azerbaijan's GDP grew by 4.3 percent compared to the same period in 2023 - up to 38.181 billion manat, or $22.46 billion, while the value added in the non-oil sector grew by 7.7 percent.
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