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State Social Protection Fund’s revenues up by 8.5 pct

30 December 2021 16:39 (UTC+04:00)
State Social Protection Fund’s revenues up by 8.5 pct

By Ayya Lmahamad

The revenues of the State Social Protection Fund under the Labor and Social Protection Ministry increased by 8.5 percent or AZN 403 million ($237m) in January-November 2021, the ministry’s press service has reported.

State Social Protection Fund Chairman Himalay Mamishov made the remarks at a press conference on the results of 2021.

He stated that during the reported period, the fund's revenues amounted to AZN 5.1 billion ($3bn).

Mamishov noted that contributions on compulsory state social insurance made AZN 3.8 billion ($2.2bn) of the Fund's income in 2021, which is by 7.3 percent or AZN 257 million ($151.1m) more than a year earlier.

Compared to 2020, social insurance revenues of budgetary organizations increased by AZN 10 million ($5.8m) or 0.7 percent, up to AZN 1.3 billion ($811.7m), and for off-budget organizations by AZN 247 million ($145.2m) or by 11.3 percent, up to AZN 2.4 billion ($1.4bn).

At the same time, contributions from mandatory state social insurance increased by 8.8 percent or AZN 307.5 million ($180.8m) compared to the corresponding forecast for 2021.

The chairman of the fund also noted that the expenditures of the fund amounted to AZN 4.8 billion ($2.8bn) which is by 2.8 percent or AZN 130 million ($76.4m) more than last year.

Payments to the population amounted to AZN 4.7 billion ($2.7bn), which is an increase by 2.8 percent or AZN 129 million ($75.8m).

Additionally, 95 percent of the expenditures consisted of labor pensions, 2 percent of compulsory state social insurance, and 3 percent of other expenditures.

Earlier it was reported that Azerbaijan's parliament approved the State Social Protection Fund budget for 2022 in the first reading. The fund's budget revenues and expenditures for 2022 have been set at AZN 5.3 billion ($3.1bn).


Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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