Rovshan Agayev:”The budget of SSSF is not drawn up transparently"

Baku/07.11.23/Turan: The Accounting Chamber gave its opinion on the draft law "On the Budget of the State Social Security Fund" (SSSF) under the Ministry of Labor and Social Security of the Population for 2024.

The document states that 5,288.1 million manats, or 76.4% of the expected income of the Fund next year in the amount of 6,919.9 million manats, will be generated by contributions to the Compulsory State Social Insurance. This is up by 5.7% from the approved forecast for 2023.

Note that 1,392 million manats (5.2% less) of future income will be transfers from the state budget; 227 million manats - funds allocated for expenses from the balance, and 12.7 million manats (0.8% more) - other income.

Thus, in 2024, the budget dependence of the SSSF will amount to 20.1%, which is down by 3.3 percentage points from 2023.

Expert economist Rovshan Agayev believes that the budget of the State Social Security Fund is not drawn up transparently: “This is manifested both in terms of income and expenses.

For example, in the income section, it is possible to separately specify fees from the public and private sectors; however, they do not do this. Instead, they use a division into "budget" and "non-budget" sectors. Why are they doing this? Because the "off-budget" sector covers all private and public companies. If payments for each of them are made separately, it turns out that out of every 100 manats of the Fund's income, at least 75 manats are formed in the public sector (budget organizations + state enterprises + budget transfers).

As for expenses, the Fund's expenses by type of pensions (by age, disability and loss of the head of the family) are not indicated, although they can be indicated separately.” -0-