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-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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