Azerbaijan's parliament adopted the 2018 budget of the State Social Protection Fund under the Ministry of Labor and Social Protection of Population at its plenary session on December 1.
According to the budget forecasts, revenues and expenditures of the Fund are expected to total 3,578.8 million manats in 2018, which is 178.8 million manats or 5.3 percent more than the forecast for 2017.
In the Fund’s revenues for 2018, 63.5 percent or 2,273 million manats will account for transfers on mandatory state social insurance, which is 7 percent more than the forecast for 2017.
Social payments to population are expected to total 3,495 million manats (97.7 percent of all expenditures). Payments on labor pensions will increase by 193.2 million manats, while payments through premiums on mandatory social insurance will decrease by 16.3 million manats, and other expenditures will rise by 1.9 million manats.
It is planned to send 97.5 percent or 3,407 million manats of all payments to the payment of labor pensions to the population in 2018.
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