TODAY.AZ / Business

Azerbaijan increases volume of social payments by $3.7 million

05 August 2020 [15:50] - TODAY.AZ

By Azernews


By Ayya Lmahamad

The volume of social payments to the population is projected at AZN 2.3 billion ($1.3bn) in 2020, Azerbaijan’s Minister of Labor and Social Protection of Population Sahil Babayev said during the Parliament’s plenary session on August 5.

The country increased the volume of social payments by AZN 6.4 million ($3.7M) in the first six months of 2020 compared to the same period last year, the minister added.

Babayev noted that over the last year, 83,000 people received electronic payments. Additionally, as a result of preventing counterfeit social payments, AZN 735 million ($432M) were saved.

According to the results of the first half of 2020, Azerbaijan ranks first among CIS countries in terms of purchasing power of pensions. Payments on pensions for age reached AZN 307 ($180), and for the loss of the head of the family - up to AZN 308 ($181) in the reporting period.  

In 2019, the State Social Protection Fund returned AZN 32 million ($18.8M) to the state budget. For the first time the fund's budget collected AZN 197 million ($115.9M).

The State Social Protection Fund under the Ministry of Labor and Social Protection of Population has paid social benefits to 455,400 citizens in the first half of 2020. Of them, 412,100 received monthly payments, while the rest received lump-sum benefits. A total of 743,000 people received social benefits and pensions during the reporting period.

In addition, Azerbaijan, with an index of 476 international dollars, ranks first among CIS countries for the level of the minimum pension.

Azerbaijan has modernized the system of provision of pensions. The Automated Pension System, which has been in operation since early 2019, is the first proactive service in the country that allows persons entitled to a pension to automatically receive a pension without going to any institution and without having to provide documents.

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