Azerbaijan to set up socially insured’s access to individual accounts

Business Materials 13 January 2011 12:16 (UTC +04:00)

Azerbaijan, Baku, Jan. 13 / Trend U.Ismayilova /

Today, up to 3 million people have been registered in the individual registration system in Azerbaijan records, State Social Protection Fund (SSPF) Head Salim Muslimov said.

"Currently, the Social Fund works on gathering information for the fourth quarter of 2010," Muslimov said.

The fund has established an information database for employees for the period from 2006 to 2009, he said. A declaration on every socially
insured in 2010 will be prepared by March 31, 2011 and funds will be transferred to the account of each insured person.

Muslimov said the SSPF holds serious discussions on the establishment of a database for each person insured, as well as funds accumulated in
individual accounts, on its website.

"But this issue is still under discussion, since it is known that there are serious problems with information security. But in any case,
we intend to make this information available to every insured person so that they can get information about the accumulated funds, as well
as about  the sources that transfer funds to the account," Muslimov said.

A Presidential decree on the application of the law, "On an individual account in the state social insurance," was signed in December 2001.

Individual account is the organization and accounting information on each insured person to provide social protection in accordance with
the country's laws on pension and other rights.