SSPF hopes to turn into a full pension card payment means

BAKU/28.01.14/Turan  Pension cards in Azerbaijan will become a full tender.

The head of State Social Protection Fund ( SSPF) Elman Mehdiyev told the media during the joint presentation with the International Bank of Azerbaijan of the project "Pension +" that today plastic card for pensioners are a tool for receiving cash pension, not a means of payment for goods and services. Therefore, despite the extensive network of ATMs, in front of them there is an endless queue waiting for small denomination bills.

Mehdiyev said the new project will provide additional financial support to needy pensioners and advocate plastic pension cards as means of payment .

According to the first deputy chairman of the IBA Emil Mustafayev, on the project all pension plastic cards serviced by the bank open an interest-free credit limit of 100 manat. "The retired at any time will be able to spend his allocated credit limit in a number of shopping facilities (supermarkets, drugstores), signed in the framework of the agreement with IBA, but will not be able to cash it at ATMs. The debt will be repaid by pension funds received on account of the pensioner over the next month. Thereafter the credit limit is automatically activated again. All pension cards serviced by IBA (only cards of the State Social Protection Fund, excluding the cards of the Ministry of Labor and Social Protection of the Population) are connected to the program in an automatic manner," he said.

At the request of the pensioner credit limit can be increased. For this a citizen has to apply to any branch of IBA . The maximum limit is set at the size of the applicant's pension . According to the organizers, the first stage of the project will be implemented in the Nasimi and Sabail districts of the capital . - 17D-