Azerbaijan will spend 2.2 billion manats (approximately $1.3 billion) on allowances, pensions and compensation payments in 2027, Azerbaijani Minister of Labour and Social Protection of the Population, Anar Aliyev, said, Report informs.
He made the remark during a joint meeting of the Azerbaijani Milli Majlis (Parliament) committees on Labour and Social Policy, and Economic Policy, Industries and Enterprising, where the draft law on the 2027 budget of the State Social Protection Fund was discussed.
"In accordance with the Law on the Budget System and other relevant legislative acts, the 2027 draft budgets of the State Social Protection Fund and the Unemployment Insurance Fund, operating under the ministry, have been prepared. The funds allocated to the ministry in the draft state budget for payments to the population have also been projected.
These draft budgets have been developed based on the country's economic and social development forecasts for the coming year, efforts to improve public welfare, employment opportunities, demographic conditions, labour resources and several key macroeconomic indicators.
The 2027 draft state budget envisages allocating 5.503 billion manats (approximately $3.34 billion) to the ministry's areas of responsibility, including payments to the population, health insurance expenses for citizens, and the financing of paid public works.
A total of 2.2 billion manats has been earmarked in the draft state budget for allowances, pensions and compensation payments," he said.