15:29 - 21.01.2025
January 21, Fineko/abc.az. Recently, large-scale work has been underway in Azerbaijan to create private pension funds. This step is of great importance both for improving the social protection system and for the development of the country's financial markets.
ABC.AZ reports that according to the Central Bank of Azerbaijan, improving the pension system is one of the main priorities within the Socio-Economic Development Strategy for 2022-2026, approved by the presidential decree from July 22, 2022.
The Ministry of Labor & Social Protection of the Population has been authorized as the main executor of the strategy, while other executors include the Ministry of Finance, the Ministry of Economy, the Central Bank and the Ministry of Justice.
International experience has already been studied, in particular in countries such as Romania, Poland, France, Croatia and Turkey, and initial draft laws have been prepared. The experience we have learned will help ensure that draft laws are based on modern and effective mechanisms.
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