Azerbaijan's State Social Protection Fund gives summary of its spending in Q12024

The spending of the Azerbaijani State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of Population grew by 14 percent (207 million manat, or $121.7 million) to 1.7 million manat ($1 million) from January through March 2024.

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

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

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