By Rashid Shirinov
The income of the State Social Protection Fund under Azerbaijan Ministry of Labor and Social Protection of the Population increased by 85.53 million manats ($50.24 million) in January-June 2018, the state fund informed on July 19.
This means a 4.7-percent growth compared to the same period of 2017. Thus, the total income of the fund exceeded 1.907 billion manats ($1.12 billion).
During the reporting period, revenues on compulsory state social insurance contributions made more than 1.093 billion manats ($0.64 billion), which is 8.8 percent or 88.18 million manats ($51.79 million) more compared with the same period of 2017.
As many as 63.2 percent or 691.4 million manats ($406.11 million) of these revenues accounted for extra-budgetary sector. This is 9.3 percent or 58.72 million manats ($34.49 million) more compared with the figure of January-June 2017.
“A significant increase in revenues from non-budgetary social insurance is a direct indicator of economic development in the country,” the state fund noted.
As of July 1, 2018, as many as 3,649,637 people in Azerbaijan have individual social insurance accounts, which is 152,959 persons or 4.4 percent higher than the figure for the same period in 2017.
Moreover, in accordance with the presidential decree “On indexation of insurance part of labor pensions,” this part has increased by 5.7 percent year to date.
Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov
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