State Social Protection Fund’s revenues up in Jan-Oct

By Azernews

By Ayya Lmahamad

The revenues of the State Social Protection Fund under the Labor and Social Protection Ministry increased by 10.1 percent or AZN 286.2 million ($168.3M) during the period of January-October 2021, the ministry’s press service has reported.

During the reported period, social insurance receipts increased by 10.5 percent for non-budgetary organizations and by 4.4 percent for budgetary organizations.

The fund's revenues increase by 9.5 percent or AZN 380 million ($223.5M) and amounted to AZN 4.2 billion ($2.4bn), compared to the same period of 2020. At the same time, the fund's expenses increased by 3.7 percent or AZN 146 million ($85.8M) and amounted to AZN 4 billion ($2.3bn).

Additionally, 97 percent of the fund's expenditures comprised payments to the population.

Earlier it was reported that Azerbaijan's parliament approved the State Social Protection Fund budget for 2022 in the first reading. The fund's budget revenues and expenditures for 2022 have been set at AZN 5.3 billion ($3.1bn).