Azerbaijan to develop long-term pension program

Azerbaijan will determine a company for preparation of the long-term
pension program, Chairman of the State Fund for Social Protection
(SFSP) of Azerbaijan Salim Muslimov said, 1news.az reports.

The project is supported by the World Bank. 5-6 companies will tender. The tender
commission consists of members of the fund, Ministries for Economy,
Finances.

The program will determine accounts of the pension system until 2015.
The tender winner will continue work on the pension program for 25-30
years.

Work will be concluded by the end of 2012.

Muslimov said that the project is worth $1.1 million, financed by the
USTDA. The Overture Financial Ltd presented the initial version of the
project. Other models will be presented in September-October.

The World Banl and Azerbaijan signed a deal on development of social
support in Azerbaijan worth $54.6 million in November 2008. The World
Bank will provide $26.7 million. The loan will be paid in 35 years
with a beneficial period of 10 years, at a rate of 0.75%.

The program includes modernization of labor legislature, formation of
social support policy, modernization of the pension system, management
of the project.