Azerbaijani social fund directs over 98 per cent of revenues to pensions and allowances
Baku, Azerbaijan, Nov. 27
The State Social Protection Fund (SSPF) of Azerbaijan has finished financing pensions for November 2013 before the appointed time.
The level of the SSPF's proceeds allowed to timely finance pensions and benefits, the fund said on Nov. 27.
According to the fund in the January-October 2013, the incomes totalled 2.208 billion manats, which is 83 million manats or four per cent more than the figures for the same period last year. January-October proceeds from compulsory state social insurance increased by 12 per cent compared to the same period last year, and amounted to 1.253 billion manats.
According to the fund, some 57 per cent or 796 million manats of proceeds from compulsory insurance account for the non-budgetary sector. Contributions paid by this sector increased by 15.6 per cent, or 107 million manats compared to the same period of the last year, as a result of which the prediction was fulfilled by 115 per cent.
In January-October SSPF's expenses amounted to 2.119 billion manats, some 98 per cent of which were directed to financing of pensions and benefits. The message said that during this period Azerbaijani president's two orders, aimed at strengthening social protection of pensioners, have been successfully implemented. As a result, the average size of pensions has been increased to 170 manats.
As of October 1, 2013, the number of persons receiving labour pensions in Azerbaijan amounted to 1,274,342. Some 39.5 per cent of persons receiving retirement pensions are men, and 60.5 per cent are women. Some 62.2 per cent of them receive labour pensions, 27.1 per cent receive disability pensions, and some 10.7 per cent receive loss-of-bread-winner pension.