Budget of State Social Protection Fund of Azerbaijan to be balanced: parliamentary committee head
Azerbaijan, Baku, November 13 / Trend , U.Ismayilova, A.Huseynbala /
Revenues and expenditures of the State Social Protection Fund of Azerbaijan in 2010 will amount to 1 775.721 million manat, the head of the parliamentary committee on social policy Hadi Rajabli said during discussions over draft 2010 Public budget.
Incomes of the Fund's budget will be basically formed due to transfers from the obligatory state social insurance and it is gratifying that the income from entrepreneurs (physical entities) in the past three years grew twice - up to 30 million manat.
The global financial crisis has not bypassed the Social Fund, and upon the decision of the country's leadership, transfers from the Public budget to the Fund increased to 533,705 million manat, said Rajabli.
In general, the 2009 indicators of the Fund is 18 percent less than last year, but this is only an appearance, since the reduction is linked to the fact that in the end of this year, inflation in the country is expected to reach more than one percent. This means that 50 million manat, which in 2008 was spent on the indexing of the insured portion of pensions, will remain in the fund's budget.
Regular reforms being held in pensions allow to more efficiently use financial resources. Amendments and additions to the Law on Labor Pensions will on the one hand increase expenditure on pensions by 10 million manat, on the other hand - will provide an opportunity to save money in amount of seven million manat.
Thus, reducing the fund's budget will actually be balanced by growth in amount of 50 million manat. "The budget of the State Social Protection Fund for 2010 meets all of today's realities, is satisfactory and balanced," said Rajabli.
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