Around AZN 1,650 to be Allocated to Introduce Individual Account of Compulsory Social Insurance for 2008
Azerbaijan, Baku / Trend corr. U.Ismaylova / The Azerbaijani Social Protection Fund will allocate AZN 1,650mln for 2008 for introduction of the individual account of compulsory social insurance, Salim Muslimov, the head of the Fund, said.
The individual account on compulsory social insurance system has been injected in Azerbaijan since 2007. The Fund is planning to complete to introduce the system by 2009.
The individual account system is the system which takes account each insurer in order to provide pension and other social protection in compliance with the Azerbaijani legislation.