“The Azerbaijani Finance Ministry advocate institutionalization at pension reforms,”
Avaz Alakbarov, the Finance Minister, told Trend on Thursday.
According to Alakbarov, the Finance Ministry, come out with proposal on establishment of state commission for reforming of pension system. “We propose to involve MPs in the work of the commission. Similar commission was established in Russia under leadership of President Voladimir Putin. We should regulate the issues of establishment of non-governmental pension funds, resolve issues of compulsory social insurance,” he added.
Complete application of individual system of social insurance contributions and transition to accumulative pension system from 2006. There are over 1.2m pensioners in Azerbaijan.