Spending on pensions to rise by 11.5 percent in 2014
The State Social Protection Fund (SSPF) of Azerbaijan will increase the expenditure on financing pensions in 2014 by 11.5 percent -- up to 2.788 billion manats, Deputy Chairman Elman Mehdiyev has said.
Mehdiyev made the remarks at a meeting of the Social Policy Committee of the Milli Majlis (Azerbaijani parliament) during discussions on the SSPF draft budget for next year.
According to the draft budget, the SSPF's spending in 2014 will grow by 11.2 percent, or 295.8 million manats, to 2.928 billion manats.
Revenues of the SSPF for the upcoming year are forecasted at 2.928 billion manats, which is 11.2 percent more than in 2013. About 39 percent of the total incomes account for state budget transfers, projected at 1.14 billion manats.
According to Mehdiyev, the share of funds allocated from the state budget to the SSPF decreased by 1.9 percent compared with the previous year, as in 2013 some 1.08 billion manats will be allocated to the SSPF, with total revenues at 2.63 billion manats.
Following the discussions, the draft was recommended for discussion at the plenary session of the parliament.
The official exchange rate on October 30 was 0.7845 AZN/USD.