Azerbaijan's SSPF sees rise in incomes

According to preliminary data, revenues of the State Social Protection Fund (SSPF) of Azerbaijan increased by 20.3 percent, or 308.9 million manat in January-June 2012 compared to the same period last year and totaled 1.833.9 billion manat, chairman of the State Social Protection Fund (SSPF) State Social Protection Fund said.

Income from compulsory social insurance fees increased by 15.2 percent or 131.8 million manat during the first half of the year compared to the same period in 2011, amounting to 1000.4 million manat.

The share of non-budget sector accounts for 612.5 million manat or 61.2 percent of income on compulsory social insurance.

Contributions paid by the sector increased by 18.7 percent or 96.6 million manat, compared to the same period last year, as a result the prediction was fulfilled by 109.9 percent.

During this period, the involvement of individuals engaged in entrepreneurial activities, to social insurance was enhanced, resulting in revenues from individuals increase by 31.4 percent
Revenues from budget organizations amounted to 388 million manat in the first half of the year. Their contributions to compulsory state social insurance increased by 10 percent or 35.2 million manat compared to the same period last year, the forecast was fulfilled by 92.6 percent.

In general, the forecast for revenue from compulsory social insurance contributions was executed at 100.4 percent. Level of revenue to fund allows provide timely payment of pensions and allowances.

Expenses of SSPF amounted to 1.809.6 billion during this period. The fund sent 1.774.5 million manat to finance pensions in during this period, which is by 299.8 million manat or 20.3 percent higher compared to the same period last year.

The cost of pensions amounted to 1732.9 million manat in the first half of the year. That's by 297.4 million manat or 20.7 percent more compared to the same period last year.
Benefits worth 27 million manat were issued in the first half of the year.

Other expenses of the state fund amounted to 35.1 million manat.


/AzerTAc/