Azerbaijan returns to Soviet pension system
Baku, Fineko/abc.az. Within reformation of insurance pension system State Social Protection Fund of Azerbaijan is going to take promotional measures.
The Fund Chairman Salim Muslimov has reported that SSPF is presently considering proposal on reformation of labor pensions structure, in particular its basic part.
" In this context we are considering proposals on application of coefficients to basic part of labor pensions, depending on the pensioners length of service. For example, in Soviet time 20-25 year length of service was set for men and women. If the pensioners accumulated this length of service, they got 100% pension, if not the pension was lower. As for us, we are considering the option of coefficient application to basic part of pensions depending on length of service. Another variant is full liquidation of basic part of labor pensions. In this case, the labor pension will be formed at the expense of 100% contributions on individual account of future pensioner ( at present 50% is transferred to employees individual accounts). Size of pension will make 1/144 of the sum accumulated on the individual account",- S. Muslimov said.
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