The concept of reforming the pension system in Azerbaijan should lead to fundamental changes in the pension system , the chairman of SSPF Salim Muslimov said in an interview to Rossiyskaya Gazeta .
He said the long-term program includes four basic components . The first is the complete elimination of the basic pension and ensuring its growth by indexing the entire amount . The second is the distribution of sources of cash flow , the separation of direct obligations of the fund and the pension system of pension liabilities . The third is setting the maximum amount of the contribution of social insurance deducted by the system of individual registration. The fourth is the introduction of the voluntary character of the pension system, which creates conditions for the formation of specialized pension funds , and the application of the principle of voluntary character will not contradict the idea of ??introducing private pension funds.
Recall SSPF budget is formed by transfers from the State Oil Fund and mandatory insurance contributions paid by employers ( 22% of the wage fund ) and employees ( 3%). The main share of revenues - 64 % - is on the budget sector. This position is not disclosed.
The average pension in Azerbaijan is 42 % of the average salary, tasked to bring the level up to 60-70 % of the average amount of pay. - 17D-
Economics
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Azerbaijan's Small and Medium Business Development Agency (SME) and the Iraqi Federation of Chambers of Commerce have formalized a significant step towards enhancing bilateral economic ties with the establishment of the Azerbaijan-Iraq Business Council. The agreement, signed by Orkhan Mammadov, Chairman of the Board of Directors of SME, and Abdulrazag Al-Zuheir, President of the Iraqi Federation of Chambers of Commerce, comes within the framework of the Azerbaijan-Iraq Business Forum.
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Azerbaijan officially presented the updated digital government platform "myGov" at an event on September 17 in Baku, marking a significant step in the country's digital transformation. The event was attended by government officials, private sector leaders, media representatives, and industry experts.
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Minister of Economy Mikail Jabbarov held a meeting with the World Bank's Regional Director for Sustainable Development for Europe and Central Asia, Sameh Naquib Vahba, to review the ongoing and potential areas of collaboration between Azerbaijan and the World Bank. Both sides expressed their satisfaction with the progress made in joint projects aimed at boosting economic diversification and infrastructure development in Azerbaijan.
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Azerbaijan officially presented the updated MyGov digital government platform today in the capital city of Baku, marking a significant milestone in the nation’s ongoing digital transformation.
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