12:12 - 27.11.2019

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

ABC.AZ reports that at the same time the State Budget is expected to transfer AZN 1.426 bn to the SSPF next year. The figure is by AZN 74.18 million or 5.48% more versus the approved forecast for 2019. This indicator is estimated as finances allocated for balancing the SSPF’s budget until the total amount is specified on pension expenditures related to state obligations. The procedure of its financing is determined in accord with Article 6.2 of the Law on Labor Pensions.

Next year SSPF’s expenditures are expected to grow by 16.9% or AZN 697.4 million compared with 2019. Nevertheless, the amount of State Budget transfer will exceed only 5.48%. The other part of the costs will be paid from SSPF own funds.

Fund's revenues from other revenues are projected to amount to AZN 6 million.