Azerbaijani State Social Protection Fund Recaps Its Spending In 1Q2024

2024-04-13 06:08:13

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 13. The spending of theAzerbaijani State Social Protection Fund (SSPF) under the Ministryof Labor and Social Protection of Population grew by 14 percent(207 million manat, or $121.7 million) to 1.7 million manat ($1million) from January through March 2024, a source in the fund toldTrend .

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

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

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

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