Budget of SSPF Approved

The Law "On the Budget of the State Social Protection Fund for 2015" has been approved. The SSPF self-supporting or fixed income and expenses are projected at 3,056,285,700 manat (+ 4.3% this year).

The revenue of the Fund generated more than half of the proceeds under the mandatory social insurance contributions is 1.95 billion manat (+ 9.55%). In the structure of budgetary organizations deductions for social insurance are expected to be 604,062,000 manat, from employees of budget organizations – 82 372 000 manat, income from extra-budgetary resources of budget organizations - 12.5 million manat and other socially insured persons - 1,251,000 manat.

Proceeds from the socially insured individuals engaged in entrepreneurial activity are projected at 50,490,000 manat, there are other income - at a rate of 6.064 million manat. Transfer from the state budget of 1.1 billion is also provided. That is 400 thousand manat less than the expectations for this year. In other words, the State Fund set foot on the path of self-financing with the expectation of real prospects.

What Do We Spend Money on?

In the structure of the Fund expenses 2,989 mln. manat will be spent on payments to the population, including the payment of pensions - 2.91 billion manat (the base portion will be 1.536 billion, the insurance part – 1 374 000 000 manat). Benefits due to contributions from compulsory state social insurance are projected at 78.67 million manat. Pension payments will be allocated 2.79 billion, benefits - 73,176,000 manat.

The payment of benefits for persons temporarily unable to act is provided AZN 20,440,000, during pregnancy – 24 150 000, in connection with the birth of a child – AZN 6,180,000, for burial – AZN 13,430,000., to care for children up to three years old - 8.5 million, on unemployment – 5 960 000 manat. There is also the cost of banking services to pension payments - about 20 mln. manat.

There are also a number of important articles - the realization of sanatorium treatment of insured and recreational activities funded by the Confederation of Trade Unions of Azerbaijan, provided 19.1 million manat. For the maintenance of the state fund and its local structures is planned to allocate 26.22 million. Manats. Activities under the State program on development of pension insurance system in 2009-2015 will cost 1.5 million manat.

Expenditure on membership fees is 40,000 manat (AZN 14 thousand - to pay for membership in the International Social Security Association, 26,000 manat - Welfare Association in the CIS countries). In addition, the repayment of loans from the World Bank highlighted in the project "pension and social security" is planned as 231,000 manat. --17D-