Towards long-term development of the pension insurance system

Decree on the adoption of the concept of state pension reform - a strategic move to secure future - believes the deputy chairman of the State Social Protection Fund (SSPF), Elman Mehdiyev.

According to a document circulated on the eve of the fund, the state program for the development of the pension insurance system in Azerbaijan in 2009-2015 ongoing measures to improve it. However, a greater importance is the continuation of work on the definition of strategic goals for long-term development and unification of its performance in line with modern requirements

According to officials, in preparing the draft concept will be taken into account in identifying areas to strengthen social insurance principles in the system. For pensioners will be designed to provide equal benefits, social security regulations will be close to the European average, and reform itself will be long-term and is equal to the best international practices.

Fund as a result of state calibrated strategic approach will be not only reliable means pensioners, but also an active participant in the financial market, further encouraging voluntary insurance

Pension insurance system in Azerbaijan is valid from 1 January 2006.

According to the draft budget of the state fund for the next fiscal year, to pay for the basic part of labor pensions will allocate 1 billion 358.48 million manat, insurance part - 1 billion 141.81 million manat.

To benefit from compulsory state social allowances will be allocated 69.98 million manat, including 18 million - to employees unable to work, 22 million for labor representatives of the poor, and 4.5 million for the new baby, 8 million to care for a child under 3 years old.

In addition, 12.67 million is to be allocated for funeral services, and 4.81 million - on the dole. For banking services it is planned to allocate 20 million manat. - 17D-


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