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Budget of State Social Protection Fund Discussed in Parliament

Business Materials 10 November 2006 19:34 (UTC +04:00)

On November 10, the deputies of the Azerbaijani Parliament commenced to discuss the budget of the State Social Protection Fund (SSPF), Trend reports. The Chairman of the Fund, Salim Muslimov said that in 2007 the incomes and expenditures of the Fund are forecasted at the level of AZN 920,19 mln, an increase of 56,1% from the figures of 2006. According to him, over the past 15 years of the Fund's activities, such increase is followed for the first time.

In 2007, 72,9% or AZN 670,728 mln of the revenues of the Fund will be achieved from the transfers to the compulsory social insurance. The transfers from the budget will amount to AZN 248,29 mln, he said.

According to him, 94,5% of the gross revenues of the SSPF will be directed towards payments of the population. AZN 846 mln 850,500 will be spent on the payment to the labor pensions. The amount of these payments has increased by 56% as comprised to 2006.

More than AZN 5 mln is planned to be directed from the budget of the Fund towards the measures on employment, and AZN 11,3 mln on strengthening of the social protection of disable persons. AZN 13,4 mln will be spent in 2007 on keeping the central apparat and local organizations of the SSPF, Muslimov underlined.

The Chairman of the Fund emphasized that in 2007 the average monthly size of the pensions in the country will be increased by 32,6% and will reach AZN 55,7. He added that from January 1, 2007, the base part of the labor pension will be raised from AZN 35 to 40, and from July 2007 it will become AZN 45.

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