Azerbaijani State Social Protection Fund's incomes increases by more than one-third
Azerbaijan, Baku, July 17 /Trend A.Akhundov/
According to preliminary data, revenues of the State Social Protection Fund (SSPF) of Azerbaijan increased by 36.9 percent, or 343 million manat in January-June 2012 compared to the same period last year and totaled 1.272.45 billion manat, chairman of the State Social Protection Fund (SSPF) Salim Muslimov said in a speech at the board meeting of the fund, State Social Protection Fund said on Tuesday.
Income from compulsory social insurance fees increased by 15.2 percent or 85.1 million manat during the first half of the year compared to to the same period in 2011, amounting to 646.7 million manat.
The share of non-budget sector accounts for 385.1 million manat or 59.5 percent of income on compulsory social insurance.
Contributions paid by the sector increased by 15.4 percent or 51.3 million manat, compared to the same period last year, as a result the prediction was fulfilled by 106.7 percent.
"During this period, the involvement of individuals engaged in entrepreneurial activities, to social insurance was enhanced, resulting in revenues from individuals increase by 9.5 percent," Muslimov said.
Revenues from budget organizations amounted to 261.7 million manat in the first half of the year. Their contributions to compulsory state social insurance increased by 14.8 percent or 33.8 million manat compared to the same period last year, the forecast was fulfilled by 92.6 percent.
"In general, the forecast for revenue from compulsory social insurance contributions was executed at 100.8 percent. Level of revenue to fund allows provide timely payment of pensions and allowances" Muslimov said.
Expenses of SSPF amounted to 1.198.7 billion in January-June 2012
He noted that, the fund sent 1177.6 million manat to finance pensions in January-June 2012, which is by 290.8 million manat or 32.8 percent higher compared to the same period last year.
"The cost of pensions amounted to 1150.5 million manat in the first half of the year. That's by 289.5 million manat or 33.6 percent more compared to the same period last year," Muslimov said.
He noted that benefits worth 27 million manat were issued in the first half of the year.
Other expenses of the state fund amounted to 21.1 million manat, which is by 0.2 million manat, or 0.8 percent less compared to a year earlier.
Official exchange rate on July 17 is 0.7857 AZN/USD