Budget of Azerbaijan’s State Social Protection Fund to increase in 2018 (UPDATE)
Details added (first version posted on 12:35)
Baku, Azerbaijan, Nov. 15
By Anvar Mammadov – Trend:
Revenues and expenditures of the State Social Protection Fund under the Ministry of Labor and Social Protection of Population of Azerbaijan are forecasted to total 3,578.8 million manats in 2018, said the country’s Minister Salim Muslumov.
He made the remarks at a meeting of the Parliamentary Committee for Labor and Social Policy as part of the discussions on the draft state budget for 2018.
Muslumov said that this figure is 178.8 million manats or 5.3 percent more than the forecasted figure for 2017.
“In the structure of the Fund’s revenues, 63.5 percent or 2.273 billion manats will be accounted for compulsory state social insurance in 2018, which is seven percent more than the figure forecasted for 2017,” noted the minister.
He said that social payments to the population are forecasted to total 3,495 million manats (97.7 percent of all expenses) in 2018.
The minister noted that payments on labor pensions will increase by 193.2 million manats, payments due to compulsory social insurance will decrease by 16.3 million manats, and other expenses will rise by 1.9 million manats.
Muslumov said that 97.5 percent of all payments to the population or 3.407 billion manats are planned to be allocated for the payment of labor pensions.
The minister also noted that the average volume of labor pension will amount to 216.5 manats in 2018, increasing by 6.9 percent.
“In 2018, 88.1 million manats will be allocated for the payment of benefits and social payments. Other expenses are forecasted to total 83.7 million manats, which is 2.3 percent more than the forecast for 2017. This is mostly due to the software update,” said Muslumov.