Azerbaijani State Social Protection Fund announces revenue growth

By trend

Revenues of the State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of Population of the Republic of Azerbaijan increased by 7.3% in the first half of 2022 compared to the same period of the year latest, SSPF told Trend.

The SSPF said that the dynamics of reduction in illegal employment resulting from the implementation of systemic socio-economic reforms, the constant growth of employment opportunities and wages have ensured a continuous increase in the income of the ‘social assurance.

SSPF revenue has grown 21% from social insurance receipts over the past six months, the fund said.

The steady growth of these revenues, the optimization of the fund’s activities and the guarantee of transparency made it possible to reduce the number of transfers by 8.55% from the state budget to the SSPF from January to June 2022.

The Fund also noted that despite the steady growth of social payments over the past four years, the share of transfers from the state budget to the budget of the SSPF for the first time in the history of the fund decreased by 17.6 %, against 38% four years ago for 20.42 percent.

It also indicates that significant progress has been made in strengthening the financial independence and sustainability of the SSPF, the fund added.

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Joel C. Hicks