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Amendments to Budget of Azerbaijan State Social Security Fund for 2007 Approved

Business Materials 1 June 2007 18:41 (UTC +04:00)

Azerbaijan, Baku / Trend corr I. Khalilova / Azerbaijani President, Ilham Aliyev, has approved the amendments to the budget of the State Social Security Fund for 2007 providing for adjustment of incomes and expenditures of the fund. In accordance with the amendments, the incomes and expenditures have been increased by 7.5% (from AZN 920.19mln up to AZN 989.657mln).

The forecasts for payments for obligatory social insurance have been raised from AZN 670.73mln up to AZN 709.697mln. The transfers from the public budget to the Fund have been raised from AZN 248.24mln up to AZN 278.74mln. However, the forecasts for payments by budget organizations have been cut from AZN 271.95mln down to AZN 269.043mln, from the employees of the organizations payments have been cut from AZN 37.085mln down to AZN 36.687mln.

As a result of the amendments, the expenditures for pension payments to the population have increased from AZN 869.888mln up to AZN 938.117,460 in 2007, financing for banks and other operations related to pensions have increased from AZN 10.9mln to AZN 11.7mln, for maintenance of the State Social Security Fund's bodies, finances have increased from AZN 13.4mln up to AZN 13.6mln.

Another AZN 137,780 (5% of the funds allotted in 2006-2007) will be used for payments of the Azerbaijani share within the framework of the grant allocated by the UNDP for events intended to development the social security system and the national employment strategy.

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