Costs of financing pensions to increase in Azerbaijan in 2014 by over 11 per cent
Azerbaijan, Baku, Oct. 30 /Trend A.Akhundov, M. Aliyev/
In 2014, the State Social Protection Fund (SSPF) of Azerbaijan will increase the expenditures of financing the pensions by 11.5 per cent - up to 2.788 billion manats, the SSPF Deputy Chairman, Elman Mehdiyev said on Wednesday.
He made the remarks at a meeting of the Social Policy Committee of Azerbaijani Milli Majlis (parliament) during the discussions of the draft budget of the SSPF for the next year.
According to the draft budget, the expenditures of the SSPF in 2014 will grow by 11.2 per cent, or 295.8 million manats - up to 2.928 billion manats.
Revenues of the SSPF for the coming year are forecasted at 2.928 billion manats, which is 11.2 per cent more than in 2013. About 39 per cent of total incomes of the SSPF account for transfers from state budget, which is projected at 1.14 billion manats.
According to Mehdiyev, the specific weight of funds allocated from the state budget to the SSPF decreased by 1.9 per cent compared with the previous year: in 2013 some 1.08 billion manats will be allocated to the SSPF, with total revenues of SSPF at 2.63 billion manats.
Following the discussions the draft law was recommended for discussion at the plenary session of Azerbaijani Parliament.
The official exchange rate on Oct. 30 is 0.7845 AZN/USD.