Baku, Azerbaijan, Nov. 15
By Azad Hasanli – Trend:
American Chamber of Commerce in Azerbaijan (AmCham) offers to introduce voluntary social insurance system in the country.
This issue was mentioned in the 6th edition of the document (White Paper) called “Observations and recommendations for improving Azerbaijan's business climate”, submitted to the Azerbaijani presidential administration November 15.
AmCham members offer to establish the regulatory, legal and administrative framework for the establishment of non-state pension funds.
“The legislation to be adopted in this field should stipulate the mechanisms of accumulating the voluntary social insurance contributions, accounting for these funds and revenues from their investments in the individual accounts, requirements on asset managers, investing rules, establishment of non-state pension funds and organization of their activities, formation of adequate mechanisms in these institutions ensuring to fulfill the liabilities, appointment, payment of non-state pensions, main directions of state regulation in this area and other issues,” the document said.
The White Paper reflects collective view of AmCham members on changes ensuring strength of business environment and ultimately, the country.
AmCham has been working in Azerbaijan since 1996 and currently consists of 270 companies representing more than 80 percent of foreign investments in the country.