Azerbaijan raises unemployment insurance receipts by 12%
In January-July 2024, receipts on unemployment insurance premiums in Azerbaijan totalled AZN 118.2 million. This was reported by the State Tax Service under the Ministry of Economy.
According to the data, this is up by 12.4% from the same period of 2023.
This includes a 15.2% growth in receipts for extra-budgetary organisations over the last year to AZN 88.2 million.
This year, the budget of the Unemployment Insurance Fund under the Ministry of Labor and Social Security of Population is 238 million manats.
At the same time, 184.7 million manats out of them should be provided at the expense of social insurance contributions. Over 7 months, 64% of this amount has been collected.
Finance
-
The Unemployment Insurance Fund (UIF) under the Ministry of Labor and Social Protection of the Population does not provide information about its investment activities, the conclusion of the Chamber of Accounts on the draft budget law for the Fund for 2025. According to the document, the draft budget does not include any indicators related to the Fund's investments or income from such activities.
-
As of the end of 2023, investments of the State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of the Population amounted to 2,515.3 million manats, the conclusion of the Chamber of Accounts on the draft budget law for the Fund for 2025.
-
In Azerbaijan, approximately 6.5 billion manats will be allocated from the state budget for 2025 to implement the "Social and Economic Development Strategy for 2022-2026", the conclusion of the Chamber of Accounts on the draft law "On the State Budget for 2025." According to the document, this amount represents a 17.2% increase compared to the approved forecast for 2024.
-
The Central Bank of Azerbaijan has reinstated the license for an insurance agent issued to an individual, Nabiyev Sabukhi Zakirovich, the regulator's official website reported. The announcement states that the decision was made on November 19 in accordance with the Law on Insurance Activity. The reason for the reinstatement is that the insurance broker has addressed the issues that led to the suspension of the license. Currently, there are 426 individuals and 57 legal entities holding insurance agent licenses in Azerbaijan.
Leave a review