Parliament Discusses Budget of State Social Protection Fund

The Parliament discussed the budget of the State Social Protection Fund for 2017. Introducing the draft budget, the head of the Fund Salim Muslimov said the income and expenses of the Fund for 2017 were forecast at AZN 3 billion 400 million.

 37.4% of the costs will be paid by direct transfers from the state budget, and 62.6% due to insurance payments and other revenues.

For the issue of pensions the Fund plans to allocate 3,213,082,000 manat.

According to the budget, the State Fund’s pension costs compared to the year 2016 will grow by 2.5%, or 77.72 million manat.

Speaking at the discussion, the Chairman of the Parliamentary Committee on Labor and Social Policy Hadi Rajabli noted that the dependence of the State Fund on the state budget is reduced, and if in 2012 transfers from the state budget every year accounted for 42%, they will amount to 37.4% in 2017.

Rajabli noted that due to the increasing average age in the country, it is expected that in 2017 the number of pensioners will reach 1.32 million. According to him, the amount of the average pension will grow by 8% to 203 manat.

Rajabli also said increase in unemployment benefits is expected in 2017. -----71D