Head of Azerbaijani Social Protection Fund Urges Private Funds to have Additional Pension Insurance
Azerbaijan, Baku / Trend corr. U.Ismayilova / Salim Muslimov, the chief of the Social Protection Fund of Azerbaijan, stated on 30 July that private pension funds will allow people to have additional pension insurance in Azerbaijan. According to Muslimov the Fund and Finance Ministry are developing a joint draft of private pension funds.
Salimov noted that the Azerbaijani President had ordered the Finance Ministry and the Fund to jointly develop the program on pension insurance and new reforms for Years 2007- 2015.
"The establishment of private pension funds is the main guarantee for the future development of the pension system in Azerbaijan," Muslomov said.
The head of the Fund feels it is necessary to create a corresponding law to control the private pension systems for full introduction into the country. Assignments on compulsory insurance are 25%, 22% of which is calculated from the employers from the fund of salaries, and 3% from employees from their monthly salary. The term of assignments and age will depend upon the agreement signed with the Fund," Muslimov added.