BAKU, Azerbaijan, June 7. Changes will be made to the budget of Azerbaijan's Unemployment Insurance Fund for this year, Trend reports.
The issue is reflected in the explanation of the draft law "On the budget of the Unemployment Insurance Fund for 2024," which was discussed in the Azerbaijani Parliament's meeting today.
The meeting said that as part of the successful social reforms carried out under the leadership of the President of the Republic of Azerbaijan Ilham Aliyev, in order to strengthen measures related to employment, the introduction of an unemployment insurance system in the country has formed a flexible financial mechanism to improve the social protection of the unemployed (job seekers) and the implementation of active employment measures.
Based on an analysis of the performance indicators of the budget revenues of the Unemployment Insurance Fund for 2023 and for four months of the current year, revenues from unemployment insurance premiums are expected to increase by the end of this year.
The above-mentioned draft law envisages an increase in unemployment insurance contributions by four million manat ($2.3 million)—from 179.98 million manat ($105.9 million) to 184.67 million manat ($108.6 million).
At the same time, the draft forecasts the share of income in the off-budget sector to equal 139.3 million manat ($82 million).
Since revision of the expenses isn't provided for this year, the unused part of the Unemployment Insurance Fund was reduced from 57.95 million manat ($34 million) to 53.25 million manat, or $31 million (by 4.7 million manat, or $2.7 million) by the end of 2023.
The draft law, after discussions, was put to vote and approved in the first reading.
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