Azerbaijan's State Social Protection Fund to lower expenses
BAKU, Azerbaijan, Aug.4
By Eldar Janashvili - Trend:
Revenues of Azerbaijan’s State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of the Population will amount to 4.78 billion manat ($2.81 billion) according to the approved forecast, which is 40.8 million manat or $24 million (0.8 percent) less than the forecast for the current year, Trend reports referring to the Ministry of Finance.
The decline in revenues is mainly due to optimization of costs, increased control and transparency in the calculation and payment of labor pensions and social benefits.
The funds in the amount of 238 million manat ($140 million) are allocated from the state budget to SSPF with the purpose to continue financial support for social protection and social security in connection with the COVID-19 pandemic.
The fund’s expenses are forecasted to make up 4.78 billion manat ($2.81 billion), which is 40.8 million manat or $24 million (0.8 percent) less than the approved forecast for the current year.