BAKU, Azerbaijan, June 19. The revenues of the Azerbaijani State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of Population grew by 2.9 percent (78 million manat, or $45.88 million) to 2.76 billion manat ($1.6 billion) from January through May 2024, a source in the fund told Trend.
According to the source, SSPF's income from compulsory state social insurance during the mentioned period rose by 8.8 percent (187 million manat, or $110 million), totaling 2.29 billion manat ($1.35 billion).
Meanwhile, the fund's expenses amounted to 2.8 billion manat ($1.6 billion), which is 14 percent, or 347 million manat ($204 million) more than the same period in 2023.
To note, the SSPF revenues amounted to 6.67 billion manat ($3.9 billion) last year, which is 16.5 percent higher than in 2022, and its expenses stood at 6.08 billion manat or $3.58 billion (an increase of 15.8 percent).
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