Social insurance rise in number
By Vusala Abbasova
Individual social insurance accounts rose by 4.12 percent, according to the Azerbaijani State Social Protection Fund (SSPF).
The report showed that more than 3 million people currently have individual social insurance accounts, rising by 15,412 in the first half of this year.
The number of male account holders is 9.1 higher than among females. There were 1,831 million (59 percent) insured males, compared to 1,267 million insured females (40.9 percent).
The majority (24.84 percent) of insured persons are citizens aged 30 to 40.
There was a growth in insurance policies among people of other age groups, particularly for citizens over the age of 60.
Policyholders under 30 comprised of 21.59 percent (669,101 persons) of total accountholders that opened their individual accounts during January-July of this year.
Persons aged between 40 and 50, amounting to 20.69 percent (641,144 persons), became social insurance accountholders over the same period, while insurance owners aged 50-60 made up 21.15 percent (655 449 persons), and those aged 60 and over totaled 11.73 percent (363,420).
Azerbaijan switched to using personalized (individual) social insurance accounts in January 2006.
In accordance with the law on labor pensions, the individual social accounts are opened for each payer, who allocates contributions for compulsory social insurance. These allocated funds are accumulated in their individual accounts.
The use of individual registration is expanding in accordance with the state program for the development of the pension-insurance system in Azerbaijan for the period of 2009-2015.
Earlier, Elman Mehdiyev, the Chairman of the Azerbaijani State Social Protection Fund announced that the Azerbaijani pension-insurance system switch to being fully self-financed.
Presently, the amendments to the pension-insurance system legislation are being prepared to strengthen financial stability of the pension-insurance system for a long term, said Mehdiyev.
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