Head of State Social Protection Fund: "Problem to Obtain Pensions in Mass Attempt to Cash Money"

The economic situation does not have a negative impact on the country's pension system, the Chairman of the State Social Protection Fund (SSPF), Elman Mehdiyev told reporters in the business forum of the Caspian European Club.

"The pension system in a market economy has mechanisms for the protection of fiscal impacts. Under the law, every year we conduct indexation of pensions in line with inflation," said Mehdiyev, noting that the decline in oil prices has not yet affected the performance of the budget fund.

At the same time, he admits, when receiving pensions a certain tension can be onserved at ATMs, but it should not be regarded as a problem in the financing of pensions. "The problem stems from the fact that on the day of the pension citizens are trying to cash it. To resolve this issue SSPF is considering two options - to create opportunities for holders of plastic cards to remove pensions from ATMs of various banks without commission, expanding the network of non-cash payments and conducting propaganda of such payments among pensioners," he said. --17D-