Azerbaijan's state budget maintains positive dynamics on insurance fees, minister says

Positive dynamics in receipts to the state budget of Azerbaijan on fees from compulsory state social insurance and insurance against unemployment remains, Azerbaijani Minister of Economy Mikayil Jabbarov wrote on Twitter. 

The minister noted that in the first four months of 2021, the collection on these premiums was 112.6 and 111.4 percent, respectively.

"In total, over 140.4 million manat ($82.5 million) has been transferred to the budget for both types of insurance fees," Jabbarov wrote.

Earlier, Mikayil Jabbarov noted that thanks to the transparency in the labor market, fees for compulsory state social insurance increased, as a result of which the dependence of the State Social Protection Fund of Azerbaijan on the state budget decreased. If in 2017 the share of financing from the budget was at the level of 38.1 percent, then at the end of 2020 this figure was less than 25 percent.

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