Budget of Azerbaijan’s State Social Protection Fund grows by 200M manats

21 June 2019 17:37 (UTC+04:00)

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Budget of Azerbaijan’s State Social Protection Fund for this year increased by 200 million manats or by 5.1 percent compared with forecasts, Chairman of the Chamber of Accounts Vugar Gulmammadov said, Trend reports.

He was speaking at a meeting of the Azerbaijani parliamentary committee on economic policy, industry and entrepreneurship.

He noted that this will reduce the fund’s dependence on the state budget from 38.3 percent to 32.8 percent, which is of particular importance in ensuring its financial sustainability.

He added that the salary increase of workers in various fields by 20-40 percent can be considered the main source for the growth of deductions for compulsory social insurance by 18.7 percent.

“Raising the fund’s budget by 200 million manats is carried out to its upper limits and will not violate the budget rules,” he said.

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