Azerbaijani social protection fund’s budget to be deficit-free in 2017 (UPDATE 2)
Details added (first version posted on 14:44)
Baku, Azerbaijan, Dec. 8
Revenues and expenditures of the State Social Protection Fund under Azerbaijan’s Ministry of Labor and Social Protection of Population are forecasted at the level of 3.4 billion manats, which is by 100 million manats more than the figure for 2016, said Azerbaijani MP Hadi Rajabli.
Rajabli, who is also the head of the Azerbaijani parliament’s committee on labor and social policy, made the remarks during discussions on the draft state budget and concept of socio-economic development for 2017 and the next three years at the parliament’s plenary session.
The member of the parliament noted that the main part of the growth is related to the increase in the volume of collections on social insurance.
Meanwhile, transfers form the state budget to the State Social Protection Fund’s budget significantly decreased.
“If in 2015, it accounted for 42.5 percent of the fund’s revenues, in 2017, the share of transfers in revenues of the State Social Protection Fund is expected at the level of 34.7 percent,” said Rajabli. “As for the expenditures, it should be noted that 95 percent of expenditures will be used for the payment of labor pensions.”
Salim Muslumov, Azerbaijan’s minister of labor and social protection of population, for his part, said that the state fund’s revenues are forecasted to increase by 8 percent in 2017, as compared to 2016.
“Some 229 million manats out of 248 million manats of additional revenues in 2017 will be used for the payment of labor pensions, 5.6 million manats – for allowances on mandatory social insurance, 13.4 million manats – for other expenditures,” noted the minister.
He added that social payments to the population will be amounted to 3.318 billion manats (97.6 percent of all expenditures) in 2017, which exceeds the forecast for 2016 by 234 million manats or 7.6 percent.
Muslumov went on to say that 3.213 billion manats are planned to be used for the payment of labor pensions in 2017, which is by 8 percent more than the forecast for 2016.