The State Social Protection Fund (SSPF) completed the first quarter with a budget surplus of 25.8 million manat.
According to the Fund, by April 1, its revenues amounted to 751.5 million manat (+ 5.5% versus the same period last year). The largest share of receipts was on compulsory social insurance (410 million manat or 54.6% of total revenues), while 270 million AZN was obtained at the expense of the private sector.
The expenses were at the level of 725.7 million manat, of which 97.6% was for pensions and another 0.4% was for the payment of benefits.
By April 1, 2015 the number of labor pensioners in Azerbaijan amounted to 1 million 293.2 thousand people. The number of contributors to the mandatory social insurance (employees and private traders) was at the level of 3 million 041.8 thousand people. --17D-
Economics
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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Azerbaijan's Tariff Council has approved tariffs for connecting construction sites to water supply and wastewater systems for the first time, addressing a previously unregulated sector with inconsistent charges, the council announced on January 2.
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