Azerbaijan announces number of social insurance accounts

Some 1,966,854 people have individual social insurance accounts in Azerbaijan as of January 1, 2012, which is 9.2 per cent higher than in the beginning of 2011, the State Social Protection Fund (SSPF) said on Monday.

The number of those for whom individual accounts were opened increased by 166 402 during 2011. Some 56 per cent of the total number of the recently insured is male and 44 per cent, female.

According to the State Social Protection Fund, a greater number of those with individual accounts are workers aged 40-50. The number of people in this category is 479 591. Individual accounts are also open for 417 008 payers age 30, for 450 595 payers 30-40, 422 966 aged between 50 and 60 and for 196 694 payers aged of 60 years.

Azerbaijan has launched the application of personalised (individual) social insurance accounts since January 1, 2006, in accordance with the law on labour pensions. Individual accounts for each taxpayer contributions on compulsory social insurance are opened, where contributions paid accumulate.

The use of individual records expands in the public system of social insurance in accordance with the State Programme of development of the pension-insurance system in Azerbaijan from 2009-15.


/Trend/