15:19 - 5.05.2023

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May 5, Fineko/abc.az. Azerbaijan may raise pensions again. The reason for this is the introduction of amendments to the Law on Social Insurance.

ABC.AZ reports that as a result of the innovation, the free funds of the State Social Protection Fund will be directed for investments.

That is, if SSPF’s revenues exceeds its expenses, the remaining free capital will become an additional source of income. This creates conditions for increasing both pensions and pension capital.

SSPF deputy chairman of board Zaka Mirzoev told TV channel ITV that an investment council is being formed under the Ministry of Labor & Social Protection of the Population to monitor the legality, transparency, profitability, financial and operational risks of these operations: "The Investment Council will approve an investment document once a year regarding which areas investments will be directed what goals will be defined, what will be the financial and operational risks."