Today.Az » Business » Azerbaijan to set up sectoral pension fund
14 May 2012 [09:30] - Today.Az
Azerbaijan is supposed to create sectoral pension funds, chairman of the State Social Protection Fund (SSPF) of Azerbaijan Salim Muslimov said in the article published in the official press.
"The creation and development of sectoral occupational pension funds are among the measures that will increase the efficiency of pension - insurance system in short term. Transition of state fund to voluntary insurance will improve the pension conditions of the citizens," Muslimov said.
Actuarial studies to determine the future directions of development till 2020 and 2040, automation of pensions and the organization of electronic services, the use of a funded component to the insurance pension system, development of private pension institutions, intra-tightening regulations are examples of such measures, Muslimov said.
Muslimov added that the fund continues to study the international experience and conducts related research in order to use funded component.
"The results of actuarial studies show that there are possibilities to attract the employed population to participate more actively in the social insurance system and additional financial resources of the state to support this process through the use of a funded component. It will ensure the financial sustainability of pension-insurance system," Muslimov said.
/Trend/
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