Minister: Revenues of Azerbaijan's State Social Protection Fund spike from early 2020

7 May 2020 17:59 (UTC+04:00)

1 000

Revenues of the State Social Protection Fund (SSPF) from January through April 2020 spiked by 39.6 percent compared to the same period of 2019, Minister of Labor and Social Protection of Population Sahil Babayev said in an interview to media representatives, Trend reports.

According to him, in the reporting period, the amount of mandatory state social insurance fees to SSPF under the ministry surpassed the forecast by 163 million manat, or $95.8 million (17.2 percent).

“Despite the introduction of the special quarantine regime, revenues of SSPF increased by 313.4 million manat [$184.3 million], or by 39.6 percent compared to the same period of last year,” Babayev said.

The minister pointed out that last year, as a result of fulfilling a 105.5-percent forecast set on SSPF income, 200 million manat ($117.6 million) formed due to saving the Fund’s expenses has significantly contributed to ensure the continuity of social payments.

(1 USD = 1.7 AZN on May 7)