Azerbaijan optimizes social insurance regulations

Social insurance regulations will be optimized in preparation of a draft reforming the pension system in Azerbaijan, Deputy Chairman of the Azerbaijani State Social Protection Fund Elman Mehdiyev told Trend on Friday.

"An insurance pension system that meets international standards is successfully operating in Azerbaijan," he said. "Measures are operating within the 'State program on insurance pension system development in 2009-2015' to improve the system. 
However, it is important to determine the strategic goals for long-term development of the system and to continue bringing the indices of the system in line with modern requirements."

Azerbaijani President Ilham Aliyev signed an order on Thursday to prepare a draft concept reforming the pension system. The Cabinet of Ministers was instructed to submit the draft concept to the President within two months.

"Promotion of voluntary insurance will be taken into consideration when preparing the draft concept. Our aim is to strengthen the principles of social insurance in a private pension system and regulate additional rights and privileges. A number of indices will be optimized, including social insurance regulations and the transformation of the Azerbaijani State Social Protection Fund into an active participant of the financial market," he said.