State Social Protection Fund Completes Development of Draft Law on Non-State Pension Funds

Business Materials 19 October 2007 17:39 (UTC +04:00)

Azerbaijan, Baku / Trend corr S. Babayeva / Development of the draft law on non-state pension funds in Azerbaijan, which enables an increase in payments to the elderly population, has been completed, the head of the Azerbaijan State Social Protection Fund, Salim Muslumov, said.

According to him, the draft law may be discussed at Parliament next year.

Muslumuv believes the functioning of such funds in Azerbaijan requires the development of internal financial markets to provide an infusion to the funds.

In the case of non-state funds beginning to function in the country, they will require at least ten years to commence pension payments, Muslumov forecasted.