Number of individual holders of mandatory social insurance accounts to June 1 exceeded 2.8 million (+4.1% YTD).
As stated in the press release State Social Protection Fund (SSPF), citing the head of the Fund, Elman Mehdiev, from January 1, individual accounts are open to more than 110 thousand people, of which 58.8% are men and 41.2% are women.
Most workers with individual accounts (24%) are aged 30-40 years. Next - 22.9% are payers of social insurance in the age of 30, 21.8% - in the age of 40-50 years, 20.9% - in the age of 50-60 years, 10.4% - over the age of 60 years.
Recall that in the reform of the pension system from January 1, 2006 there was a transition to the use of personalized (individual) account of social security. For each payer individual accounts are opened, where contributions for compulsory social insurance are accumulated. -17D-
Economics
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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