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Azerbaijani parliament passes changes to State Social Protection Fund’s 2016 budget

Business Materials 23 February 2016 20:09 (UTC +04:00)
Azerbaijan’s parliament passed the changes to the budget of the State Social Protection Fund (SSPF) for 2016 at a plenary session Feb. 23.
Azerbaijani parliament passes changes to State Social Protection Fund’s 2016 budget

Baku, Azerbaijan, Feb. 23

By Azad Hasanli - Trend:

Azerbaijan's parliament passed the changes to the budget of the State Social Protection Fund (SSPF) for 2016 at a plenary session Feb. 23.

Presenting an updated budget of the SSPF, Elman Mehdiyev, the fund's chairman, said the SSPF revenues and expenditure for 2016 are planned to increase by 7.4 percent - up to 3.307 billion manats (earlier 3.078 billion manats).

The SSPF revenues in the form of state social insurance contributions will increase by 4.2 percent up to 2.054 billion manats.

Meanwhile, the contributions from the private sector will stand at 1.294 billion manats, increasing by 22.54 million manats.

He added that the transfers from the state budget to the fund will increase by 13.3 percent from 1.1 billion manats to 1.246 billion manats.

Some 3.136 billion manats in the expenditure structure will be spent for payment of pensions (compared to the previously approved 2.923 billion manats) and 102.85 million manats - for ayment of allowances (compared to the previously approved 87.557 million manats).

As of Feb. 23, the official exchange rate is 1.5612 AZN/USD.

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