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Friday, 23 April 2021 07:45 GMT

Minister discloses compulsory state social insurance contributions to Azerbaijani state budget


(MENAFN - Trend News Agency) BAKU, Azerbaijan, April 8

By Zeyni Jafarov - Trend:

In the first quarter of 2021, compulsory state social insurance contributions to the Azerbaijani state budget amounted to 895 million manat that's $526 million (107 million manat ($62 million) more than forecasted), Trend reports on April 8 referring to Azerbaijani Economy Minister Mikayil Jabbarov's message on Twitter.

'Non-budget organizations provided 75.1 million manat ($44.2 million) of extra revenues,' the minister added. 'Transparency in the labor market is being increased.'

Earlier, the Azerbaijani minister of economy stated that as a result of transparency in the labor market, receipts from compulsory state social insurance increased, thereby reducing the dependence of the Azerbaijani State Social Protection Fund on the budget.

If the share of financing from the budget was 38.1 percent in 2017, then this figure was less than 25 percent as of 2020.

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