Labor Pension Payment almost Doubled in Azerbaijan

Business Materials 19 October 2007 16:17

Azerbaijan, Baku / corr Trend S. Babayeva / Since the beginning of 2007, the State Social Security Fund of Azerbaijan has paid AZN 675mln in labor pensions, Salim Muslimov, the Head of the Fund, said on 19 October.

It means almost a doubled increase in the amount of payment as compared to last year or an increase by AZN 308mln.

In this period, the forecast for social-insurance payments were fulfilled by 100.6% and comprised AZN 499.2mln, including AZN 191.9mln by budget organizations and AZN 307.3mln by non-budget organizations.

Muslimov said that over the first nine months of 2007, the total incomes of the Fund made up AZN 739.5mln and total expenses AZN 723.1mln.

The number of socially insured people increased to 1.7mln people and at the beginning of the year the figure made up 1.5mln people. The increase was made possible through the increase of the number of the people registered in the construction sector.