The President of Azerbaijan approved the Concept of reforming the pension system for 2014-2020. As stated in the text of the document, the basic pension will be restructured, thereby becomes possible to calculate the minimum target pension.
According to the concept, the State Social Protection Fund (SSPF) in 2014-2015 must submit to the President of the country proposals for amending the Law on Pensions. "Restructuring the basic part of the pension funds will increase the employees recorded in the conditional cumulative systems. This will accrue to the individual accounts of employees is not half the amount of the insurance premium, as at present, and in full," explains the essence of the innovation.
If the amount of the pension, that calculated on the basis of data taken from the individual accounts of insurers will be less than the minimum pension, it will be brought to the minimum requirements for maintaining insurance experience. In case, if the amount of the pension will exceed the minimum rate, the experience will not be counted.
The growth of the minimum pension will be conducted within the framework of the annual presidential decree on indexation of pensions.
Recall, according to the law, the pension in Azerbaijan should consist of three parts, but now it consists of the base and insurance parts. The funded part is missing. --17D-
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