Azerbaijan parliament passes Social Protection Fund’s budget
Baku, Azerbaijan, Dec. 16
By Azad Hasanli – Trend:
The Azerbaijani parliament has passed the 2017 budget of the State Social Protection Fund (SSPF) of the Ministry of Labor and Social Protection of Population.
In accordance with the budget, revenues and expenditures are projected at 3.4 billion manats in 2017, which is 100 million manats more than in 2016. This growth is mainly due to increase of social insurance charges.
The official exchange rate for Dec. 16 is 1.7525 AZN/USD.
Azerbaijan’s Minister of Labor and Social Protection of Population Salim Muslumov said earlier that the social payments to the country’s population will amount to 3,318.22 million manats in 2017, which exceeds the social payments forecast for 2016 by 234 million manats, or 7.6 percent.
“The cost of maintenance of the central office and local bodies of Azerbaijan’s State Social Protection Fund will amount to 40 million manats, which is a 48.2-percent increase,” Muslumov added. “The growth of expenditures on the maintenance of the Fund is related to the expansion of its scope of activity, restructuring and the increase of staff.”
Muslumov went on to add that the Social Protection Fund’s revenues in 2017 will increase by 270 million manats or by 8.6 percent compared to the figure expected for 2016.
“Some 62.5 percent or 2.125 billion manats in the Fund’s revenues in 2017 will account for deductions for mandatory state social insurance,” Muslumov said.