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Azerbaijan's State Social Protection Fund gives summary of its spending in Q12024

14 April 2024 [13:04] - TODAY.AZ

The spending of the Azerbaijani State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of Population grew by 14 percent (207 million manat, or $121.7 million) to 1.7 million manat ($1 million) from January through March 2024.

According to the source, SSPF's revenues in the reporting period increased by 7% (108 million manat, or $63.5 million) from the forecast, totaling 1.67 billion manat ($980 million).

During the same time, income from compulsory state social insurance increased by nine percent (104 million manat, or $61 million), totaling 1.3 billion manat ($760 million).

Notably, the SSPF's income in 2023 was 6.67 billion manat ($3.9 billion), up 16.5 percent from 2022, while expenses were 6.08 billion manat ($3.58 billion), a 15.8 percent increase.


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