State Social Protection Fund’s revenues hit $1.4bn

By Azernews

By Ayya Lmahamad

Revenues of the State Social Protection Fund of the Ministry of Labor and Social Protection of Population increased by 21 percent in the first six months of 2020, the ministry’s press service reported on July 27.

Thus, the Fund’s revenues during the reporting period increased by AZN 449 million ($264.1M), amounting to AZN 2.5 billion ($1.4bn).

Furthermore, the revenues of the Fund for state compulsory social insurance contributions increased by 34.2 percent or AZN 434.3 million ($255.4M), compared to the same period of 2019, amounting to AZN 1.7 billion ($999.9M).

Thus, the semi-annual revenue forecast was fulfilled by 110.1 percent for budget organizations and 117.3 percent for the extra-budgetary sector.

Furthermore, as a result of transparency in appointment of pensions, and elimination of undue pensions, AZN 238 million ($139.9M) are saved annually.

Additionally, during the reporting period, as part of the reforms undertaken to optimize the Fund's operations, the centralization of personal records and social benefits was ensured.

Over 85,000 people received pensions, allowances and pensions electronically without contacting officials and citizens, and 324,000 people received electronic certificates.

It should be noted that since early 2019, a system of assigning pensions in Azerbaijan was launched electronically, while benefits and stipends were paid electronically as of late 2019.

These electronic systems have made it possible to provide active services to citizens when they are entitled to pensions and allowances. As a result, electronic appointments are made for the relevant types of social security without the need for these persons to apply to any organization or submit documents.