11:58 - 27.11.2019

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November 27, Fineko/abc.az. The State Social Protection Fund under the Ministry of Labor & Social Protection has unveiled revenues and expenditures of its budget for 2020.

ABC.AZ reports that Fund's revenues are forecasted to reach AZN 4.825 bn next year.

It is predicted that 58.51% of revenues in this sphere or AZN 1.985 bn will account for the share of the non-budgetary sector. This is by 18.52% or AZN 310.17 million more against the forecast for 2019.

Revenues in the extra-budgetary sector are forecasted with taking into account the minimum wage growth, control over the order of remuneration as a result of measures taken in connection with the prevention of the shadow economy, aspects of the development of the non-budgetary sector in the country and the results of successive reforms in this area. The increase in revenues on organizations financed from the budget is designed to increase the salaries of employees of state bodies.

Revenues from contributions to compulsory state social insurance from individuals engaged in entrepreneurial activities are projected to be AZN 80 million or by 15.44% more than in 2019.