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Long-term pension insurance system development model in Azerbaijan to be prepared by late 2012

Business Materials 6 July 2011 22:54
The company, which will prepare a long-term pension insurance system development model in Azerbaijan, will be determined in the near future, the Chairman of the State Social Protection Fund (SSPF) of Azerbaijan Salim Muslimov told reporters on Wednesday.
Long-term pension insurance system development model in Azerbaijan to be prepared by late 2012

Azerbaijan, Baku, July 6 /Trend, A.Akhundov/

The company, which will prepare a long-term pension insurance system development model in Azerbaijan, will be determined in the near future, the Chairman of the State Social Protection Fund (SSPF) of Azerbaijan Salim Muslimov told reporters on Wednesday.

"As part of the social protection development project in Azerbaijan, jointly implemented with the World Bank (WB), the tender completed to select the company, which will prepare a model for further development of the pension insurance system. Five or six companies submitted their bids. Tender committee, comprising of representatives of the Fund, Economic Development Ministry and the Finance Ministry, consider these suggestions and the winner will be determined in the next few days," Muslimov said.

This project is funded by a loan from the World Bank and provides for all actuarial calculations and subsequent determination of the basic parameters of the pension insurance system in Azerbaijan after 2015.

He said the basic functions of the winner will be to conduct the final evaluation of the existing pension insurance system in Azerbaijan, as well as the actuarial and other studies to prepare models of the pension insurance system in Azerbaijan in the next 25-30 years.

"These works will be completed within one and a half years - by the end of next year," - said Muslimov.

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