Azerbaijan may reconsider compulsory social insurance payments due to global financial crisis
Azerbaijan, Baku, Dec. 25 / Trend , U.Ismayilova /"Azerbaijan State Social Protection Fund (SSPF) will likely to reconsider pension payment projection in the case of default of compulsory social insurance assessments due to the global financial crisis in 2009," Salim Muslimov, the head of the Fund, said.
According to Muslimov, the labour payment in the real sector will increase by 35%, but the growth rate of compulsory social insurance payment will make up 36.4%.
In the case of the non-attainment of 35% growth rate on wages, SSPF will carry out a number of administrative measures for guaranteeing pension to the population, which assume compulsory registration of each working citizen in the country, Muslimov said.
In Jan-Oct budgetary organizations owed on compulsory social insurance assessments of AZN96mln, which led to budget deficit of fund.
Fund's budget in 2009 expects AZN1.27bln on compulsory social insurance. The problem with collections of payments on compulsory insurance in 2009 can appear in the private sector because of attraction of hired workers to these payments. Their number exceeds 30,000-40,000.
The volume of compulsory social insurance payments in Azerbaijan is 25% (22% is paid out by employees from the wage fund and 3% - by workers from labour payment).
SSPF's budget for 2009 makes up AZN 1.7bln.
On Dec. 25, the official exchange rate is 0.8017 AZN/USD.
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