Minister: Azerbaijan’s Unemployment Insurance Fund’s budget forecasted at over $75M

The budget of the Unemployment Insurance Fund under the Azerbaijani Ministry of Labor and Social Protection of the Population for 2020 is projected at over 128 million manat ($75.3 million), Sahil Babayev, Azerbaijani Minister of Labor and Social Protection of the Population, said, Trend reports on Nov. 13.

Babayev was delivering speech on the “Budget of the Unemployment Insurance Fund for 2020” in the Azerbaijani parliament.

In accordance with the document, over 111 million manat ($65.3 million) of the Fund’s income will be ensured through the unemployment insurance fees, over 17 million manat ($10 million) through the organizations financed from the budget, 76,200 manat ($44,824) through the extrabudgetary sector and 30,000 manat ($17,647) through other receipts in 2020.

The Fund’s expenses have been also disclosed.

Five million manat ($2.9 million) are envisaged for insurance payments, five million manat ($2.9 million) for vocational training and additional training, two million manat ($1.2 million) for consultations in the field of vocational education, 500,000 manat ($294,120) for organizing labor fairs and exchanges, two million manat ($1.2 million) for the paid public work, over 63 million manat ($37 million) for the organization of self-employment events, three million manat ($1.8 million) for financing a certain part of the salary insured for a certain period (three, six, nine and 12 months), two million manat ($1.2 million) for the preparation of professional standards, 43 million manat ($25.3 million) – expenses for the administration and its local structures determined by the relevant executive body in 2020.

The law will come into force on January 1, 2020.

Source: TREND News Agency