Compulsory state social insurance payments in Azerbaijan increase

According to information from the State Tax Service under the Azerbaijani Economy Ministry, during the period of January-March of 2024, compulsory state social insurance contributions increased by 10.7 percent, or more than AZN 1.3 bn ($0.750m), compared to the corresponding period of the previous year, amid the process of "whitening" the number of insured workers and the wage fund, Azernews reports, citing the State Tax Service (STS) under the Ministry of Economy.

Contributions from non-budgetary organizations increased by 12.5 percent, exceeding AZN847.3M ($498m) compared to the same period last year.

Contributions for unemployment insurance increased by 10.8 percent compared to the same period last year, reaching nearly AZN46 m ($27.1m). Contributions from non-budgetary organizations reached AZN34.7 m ($20.7m), reflecting a 13.5 percent increase.

Contributions for compulsory medical insurance increased by 8.8 percent compared to the January-March period of 2023, nearing AZN232.6 m ($136.5m). Contributions from non-budgetary organizations amounted to AZN164.7 m ($86.3m), marking a 10.2 percent increase.