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Azerbaijan’s social payments hit $2bn in Jan-July 2021

20 August 2021 15:18 (UTC+04:00)
Azerbaijan’s social payments hit $2bn in Jan-July 2021

By Vugar Khalilov

The volume of social payments to the population amounted to 3.5 billion manats (2 billion dollars) during the seven months of 2021, Azerbaijan’s Labor and Social Protection of Population Ministry reported on August 20.

In January-July of 2021, the payments of pensions, compensations, benefits and social assistance increased by 4.4 percent or 148.8 million manats (87 million dollars) compared to the same period last year, the ministry said.

The ministry said the dynamics of growth in payments for pensions, benefits, targeted state social assistance continues.

Azerbaijan increased by 2.4 billion manats (1.4 billion dollars) or 60 percent to 6.4 billion manats (3.7 billion dollars) the social payments paid to citizens in the past three years. During this period, transfers from the budget to the State Social Protection Fund dropped from 40 percent to 25 percent.

The Labor and Social Protection of Population Minister Sahil Babayev said that according to the results of the first half of 2021, social insurance revenues increased by 7.8 percent or 133.7 million manats (78.6 million dollars) to 1.8 billion manat (1billion dollars), while the number of registered insured citizens increased by 95,300, reaching 4.5 million.

The minister stressed that 220 million manats (129.4 million dollars) was spent in the first half of 2021, to increase the indexation of labor pensions, which covered 1,140,000 pensioners.

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