Social insurance rates in Azerbaijan to remain unchanged in 2014

Social insurance rates in Azerbaijan to remain unchanged in 2014

Baku, Azerbaijan, Nov. 14

By Emin Aliyev - Trend:

The total number of pensioners in Azerbaijan is expected to be reduced in 2014 by 1.1 thousand people - to 1.27 million people, deputy chairman of the State Social Protection Fund (SSPF), Elman Mehdiyev said during discussion of the country's budget package for 2014 at the Azerbaijani Milli Majlis (parliament).

According to Mehdiyev, the retirement age for women will be increased to 59.5 years starting from January 1, 2014, while this age for men will not change and will remain at 63 years. Social security for length of service required to be eligible for retirement, will not change.

"The rates for mandatory state social insurance will remain unchanged," Mehdiyev said.

Previously, it was proposed to restructure the contribution rate for social insurance.

The current contribution rate for compulsory social insurance in Azerbaijan is formed from two sources: the contributions made ​​by the employer in the amount of 22 per cent of the salary fund for each enterprise, as well as the deduction worth three per cent of the employee's salary.

Changes in the rates were proposed under the 18+7 scheme, whereas the current rate of 25 percent is generated under the 22+3 scheme.

Mehdiyev said the factors that influenced the SSPF parameters for the next year's budget include the main indicators of macroeconomic, demographic and social situation that were predicted as follows.

"The inflation rate is expected to reach around 3.5 per cent with the continuing rapid economic development of the country. The annual average number of the economically active population will reach 4.78 million; some 4.56 million of them will be employed in the economy, and 1.54 million people will work for hire. Real growth rates of average wages in the country will amount to 5.4 per cent, and its size is expected to be equal to 479.4 manats," deputy chairman of the State Social Protection Fund said.

Official exchange rate for Nov. 14 is 0.7843 AZN/USD.

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