Azerbaijan to abolish basic portion of pension

Due to the proper declaration of wages and increase in the number of registered people, social insurance contributions will increase and there will no need for the basic portion of pension benefits which is financed through the state budget.

"If this is the case, it will no longer be necessary to provide the basic portion of pension benefits."

"Everyone should know how much they paid and how much money accumulated in their individual account, they will get a pension proportional to it,” he added.

He said at the end of each year SSPF will send a written notice to pensioners about the amount accumulated in their account.

/APA/