TODAY.AZ / Business

Starting next year foreigners working in Azerbaijan will have to pay social insurance premium

02 December 2005 [11:30] - TODAY.AZ
The president Ilham Aliyev is expected to sign a decree on making amendments and changes to the bill "On social insurance".

State Social Protection Fund (SSPF) informs that the President intends making several changes to the pension-insurance system. According to the new changes, pensions and allowances of working pensioners will be given not by an employer enterprise, but by SSPF by the next year. This will eliminate financial difficulties occurred in payment of pensions in some enterprises and organizations and will remove dependence of pensioners on this problem.

Foreign citizens working in the consortium will also be attracted to compulsory social insurance by the next year. Like Azerbaijani employees they will pay social insurance premium deducted from their wages. Calculation of compulsory social insurance premiums of physical persons being engaged in entrepreneurship activity will also be simplified by the next year.

It is intended to calculate insurance premiums on the basis of the minimum salary in the country by the next year.



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