About 60% of seniors are aware of the potential of electronic services SSPF
More than 57 % of the respondents are users of electronic services provided through the Web-Site Social Protection Fund of Azerbaijan. This is revealed in the course of the next survey conducted on a virtual page of government structure .
As chairman Salim Muslumov yesterday in an interview to "Rossiyskaya Gazeta " (http://www.rg.ru/2013/09/24/muslimov.html), a database of individual registration is mandatory state social insurance includes information about more than 1.27 million pensioners , as well as 2.62 million workers paying social insurance contributions . To increase the performance and to change the ratio of the amount of contributions the total contribution rate of social insurance is 25 %, of which 22 % comes from the employer, and 3% is withheld from the employee's wages. The way out of the " shadow " money circulation and denial of workers' wages in envelopes may contribute to a progressive scale of equity participation of employers and workers - the higher the salary the employee, the higher the share of the payment of contributions. "Perhaps the new tariff structure Social Security will begin to apply since 2014," said Muslimov.
According to him, Azerbaijan introduction of mandatory funded component is fraught with risk , as introduced by the mixed distribution and storage system for calculating pensions . However, the country needs legislation in line with modern standards, taking into account the establishment of private pension funds. - 17D-
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- 25 September 2013 15:06
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- Economics
- 25 September 2013 15:22
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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