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As many as 2,941,308 people have individual social insurance accounts in Azerbaijan as of December 1, 2014, which is 9.29 percent more than the same index as of early 2014, a report by the State Social Protection Fund (SSPF) announced Dec.18.
During the 11 months of 2014 the number of those for whom individual accounts were opened, increased by 249, 951 people. Of the total number of insured for whom individual accounts of social insurance were opened, 59.06 percent were men and 40.94 percent women.
According to the State Social Protection Fund, a large number of people with individual accounts are working citizens under the age of 30 years. The total number of citizens of this category is 24.3 percent of all social insurance payers.
Individual accounts were also opened for 23.9 percent of taxpayers at the age of 30-40 years, 21.5 percent – 40-50 years, 20.4 percent – 50-60 years and 9.9 percent over the age of 60 years.
From January 1, 2006, in accordance with the law “On labour pension”, Azerbaijan switched to using individual accounting for social insurance. On this basis, each taxpayer of contributions for compulsory social insurance has individual accounts where contributions for compulsory social insurance paid can accumulate.
In accordance with the State Program of the development of the pension, insurance system in Azerbaijan for 2009-2015, the state social insurance system extends the use of individual records.
Trend.az
