Presentation of New Model of Pension Insurance

The model PROST (Pension Reform Options Simulation Toolkit) was presented to the local pension-insurance system in Baku.

As told reporters the deputy chairman of the State Social Protection Fund (SSPF) Zakir Babayev, forecasting prospects for the development of the pension system on the basis of actuarial modeling is one of the tasks defined by the "Concept of reforming the pension system in Azerbaijan for 2014-2020".

"To this end, the SSPF started the implementation of multilateral action plan on various strategic areas. Initially to improve the Fund's structural and institutional platform the corresponding structural unit and the actuarial group were formed. In addition, to improve the internal technical and institutional capacity of the Fund, trainings were agreed with donor organizations (World Bank, European Union)," he said.

According to the head of the SSPF department of forecasting Farid Bakhshiyev at the briefing dedicated to the presentation of the model, its implementation will be finalized in May. The advantage of PROST, in his opinion, is the ability to flexibly adapt to the pension systems of different countries. --17D-

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İran Prezidentinin həlak olduğu hadisə Azərbaycan- İran münasibətlərinə təsir edə bilərmi? – Nəsimi Məmmədli Çətin sualda

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