
Growth of Individual Accounts of Social Insurance
In cooperation with the Tax Inspectorate individual accounts of social insurance in the first half were supplemented by 15 412 units or 0.5%. In total, as of July 1, the owners of these accounts were 3 million 98 thousand 817 people, according to data released by the State Social Protection Fund (SSPF).
It was noted that the majority (59.1%, or 1,831,564 people) of the insured are men, while 40.9%, or 1,267,253 people are women. Regarding age groups - most insured in SSPF are citizens from 30 to 40 years old (24.84% or 769 703). The proportion of young people under 30 years is 21.59% (669 101), at the age of 50 to 60 years – 21.15% (655 449), from 40 to 50 years - 20.69% (641,144 people), and older than 60 - 11.73% (363 420).
Recall from January 1, 2006 the country according to law "On labor pensions" has moved to the use of a personalized (individual) accounting of social insurance. For each payer of contributions for compulsory social insurance individual accounts are opened, which accumulate paid contributions for compulsory social insurance. --17D-
-
- Politics
- 9 July 2015 13:47
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review