Azerbaijan sees double-digit growth in social insurance contributions

Azerbaijan sees double-digit growth in social insurance contributions.

Mandatory state social insurance contributions in Azerbaijan totaled 5.73 billion manats ($3.37 billion) in January-November amid continued formalization of employment and wage funds, according to the State Tax Service under the Ministry of Economy.

This marks an 11.7% increase, or 601.3 million manats ($353.7 million), compared with the same period last year. Contributions from non-budget organizations rose by 12.3%, exceeding 3.83 billion manats ($2.25 billion).

Unemployment insurance payments grew by 10.4%, reaching 203 million manats ($119.4 million), including an 11.4% rise from non-budget entities to 155 million manats ($91.17 million).

Compulsory health insurance contributions increased by 10.1% to 1 billion manats ($588 million), with payments from non-budget organizations up 9.6% to 713.7 million manats ($419.8 million).