Azerbaijani SSPF forms reserve fund amounting to 15 million manat

Business Materials 13 January 2011 19:32

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

As of Jan.1, 2011, a reserve fund of $ 15 million manat was formed in the treasury of the central and territorial offices of the Azerbaijani State Social Protection Fund (SSPF), Social Fund Head Salim Muslimov said on Thursday.

"The state Fund ensured the timely payment of pensions, and no debt left for 2010," Muslimov said.

He said 2010 is estimated as successful for the Social Fund.

During this period, the Fund ensured implementation of the objectives of the State Pension-Insurance System Development Program for 2009-2015, as well as measures of social security. The basic part of pensions increased from 75 manat to 85 manat in September. The indexation of the basic part of pensions was carried out at 1.5 percent in February according to the level of consumer price index in 2009.

The important point is, Muslimov said, the creation of online pension calculator at the fund's website, which allows every citizen to calculate the size of pensions.

The official exchange rate is 0.7975 manat to $1 Jan. 13.