Since 2014 Burden of Social Contributions of Employer May Be Easier
Balance of mandatory social contributions of the wage bill should be changed in favor of the employer, the chairman of the State Social Protection Fund (SSPF) Salim Muslimov said.
As he said at a press conference about the increase in the base part of labor pensions in the current rate of contributions for social insurance is 25 %, of which 22 % is paid by the employer, and only 3% is deducted from the salary of the employee.
"Also just and rational is the scheme "18 +7". Then the employers will voluntarily allocate funds not hiding the true size of their salaries," says Muslimov.
State Fund has taken the initiative to the government of the country in the hope that it is implemented by the beginning of 2014, the chairman of the fund said. - 17D-
Economics
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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.
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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.
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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.
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"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.
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