Labor Minister Sahil Babayev made a statement about policyholders


August 11, Fineko/abc.az. Funds paid by insurers in 2006-2009, but not distributed to the personal accounts of employees, are placed in the personal accounts of these employees.

75% of the collected AZN 1.1 bn have already been transferred to the personal accounts of citizens. This was made possible as a result of the complete centralization of accounting for individual accounts.

ABC.AZ reports that this was announced by Minister of Labor & Social Protection Sahil Babayev.

The minister said the move will help employees who own these personal accounts get future pension guarantees and increase pensions. The process of allocating funds to personal accounts and placing them on these accounts will be completed in the near future.

In the system of personalized accounting, each employee has an individual personal account. The funds collected in this account play a key role in the formation of the insured's pension right, as well as in determining the amount of pension when this right arises.