Azerbaijani SSPF's revenues exceed 1 billion manat

Revenues of the State Social Protection Fund (SSPF) of Azerbaijan amounted to 1.1 billion manat from January through July, showing an increase of 101.8 million manat or 10.2 percent since the same period last year, the Fund reported.

Some 62.2 percent of the fund’s revenue fell to obligatory state social insurance fees, with 37.6 percent transfers from the state budget and 0.2 percent from other income.

During the period, incomes from fees on obligatory state social insurance amounted to 684.9 million manat, which is higher by 11.6 percent or 71.4 million manat compared to the same period last year. Some 57.6 percent of revenue, or 394.4 million manat, fell to the extra-budgetary sector, which is higher by 12.9 percent or 45.2 million manat, compared to the same period last year.

Incomes from fees on obligatory state social insurance of individuals currently engaged in business increased by 15.9 percent, compared to the same time last year; income from the same landowners’ fees increased by 22.9 percent.

Income from the organizations financed from the state budget amounted to 290.5 million manat, which is higher by 9.9 percent, or 26.2 million manat, compared to the same period last year.
"The level of revenue is allowed to timely fund pensions and benefits", the report reads.
During this period, the Fund's expenses amounted to 1.06 billion manat.

Some 1.03 billion manat were allocated to finance pensions and allowances, which is by 7.8 percent, or 74.7 million manat compared to the same period last year.

More than 1 billion manat were allocated to finance pensions (with an annual growth of 7.5 percent, or 70 million manat) and 31.9 million manat were allocated for benefits.


/Trend/