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SSPF chairman: Problems with rate of manat not to affect pension system

In a market economy, the pension system has a mechanism to protect against fiscal effects

Baku. 18 February. REPORT.AZ/ "Processes taking place in the economy, including problems with the exchange rate of manat, do not affect the pension system.Because in a market economy, the pension system has a mechanism to protect against fiscal effects", the chairman of the State Social Protection Fund (SSPF), Elman Mehdiyev told journalists, Report informs.

According to him, in accordance with the law, indexing of insurance part of pensions annually held in accordance with the inflation rate. At the same time, according to the indicators of inflation pension assets are indexed in the accounts of the personal account of social insurance fee payers: "All this reflects the mechanism of protection of the pension system from the fiscal impact in a market economy".

"If you pay attention to the performance of the SSPF, you can clearly see that the oil price shocks or other processes taking place in the economy do not affect the pension system. 2014 was quite a successful year in terms of financial success. At the same time, the Fund completed the annual funding before the scheduled deadline. Meanwhile, year-end surplus of the fund shall be retained in the form of free float".  

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