From today, 11 thousand 730 citizens of Azerbaijan will be able to automatically calculate their appointed pension on the basis of accumulated personal pension capital. In the near future, this type of service will be available to anyone with an e-signature.
Yesterday the State Social Protection Fund (SSPF) presented the electronic system of information insured employees posted on the website "Electronic Government" The system is convenient because the user only has to enter personal data, after which all charges, with effect from 1 January 2006, will come out automatically. Access to it is possible after writing online application and receive a unique code, password and encryption user.
In the future, the system will also reflect the savings that are made before the pension reform. Thus, its potential users can have all retired and working citizens.
According to the State Fund, today in a centralized information system, bulk payments to 36 local fund data are available for 223 thousand 712 policyholders (employers, entrepreneurs and landowners).
The "e-Services" website of SSPF today operates 20 services. The following year, their number will be increased to 25, writes the press service of the Fund.
According to the management of the Fund, with the increasing number of employers and employees will continue to grow revenues of the Fund. If the forecast non-deficit budget for next year is scheduled at 2.63 billion, the expectations for 2014 are 3.02, for 2015 - 3.3, and for 2016 - 3.6 billion manat. In the medium term the principle of parity between income and expenditure budget of SSPF will be continued. -17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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