TODAY.AZ / Business

Azerbaijan shares data on labor contracts

18 September 2021 [12:47] - TODAY.AZ

By Trend

The number of employees and labor contracts has increased, as well as the size of the wage fund, Trend reports via State Tax Service.

This resulted from the formation of incentives in the legislation to ensure transparency of labor relations between the insurer and the insured, the conclusion of labor contracts, and the reflection of the real amount of wages in the labor market of Azerbaijan.

Most of this growth was accounted for by the private sector.

As of September 1, 2021, the number of concluded labor contracts in the private non-oil sector amounted to 744,804, which is 204,882 more contracts than at the beginning of 2019, when reforms were launched to make labor relations more transparent.

A significant increase in income from compulsory state social insurance and unemployment insurance contributions is an indicator of the transparency of the labor market and indicates the fiscal effectiveness of the application of income tax benefits.

Under the conditions of this process, receipts from contributions to mandatory state social insurance amounted to 2.4 billion manat ($1.4 billion) from January through August 2021, which is 8.1 percent more than over the same period of 2020.

The forecast for receipts was exceeded by 232.1 million manat ($136.5 million). Revenues from non-budgetary organizations increased by 14.1 percent, compared to the reporting period of 2020, and amounted to 1.5 billion manat ($882.3 million). Thus, the forecast was fulfilled by 113.3 percent.

Income from unemployment insurance premiums increased by 9.4 percent, compared to the same period of 2020, and amounted to 85.8 million manat ($50.4 million), the forecast was fulfilled by 109.7 percent.

Revenues from non-budgetary organizations increased by 15.8 percent and amounted to 63.1 million manat ($37.1 million), the forecast was fulfilled by 111.3 percent.

URL: http://www.today.az/news/business/210064.html

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