BAKU, Azerbaijan, August 7. The mandatory state social insurance contributions in Azerbaijan reached 3.3 billion manat ($1.9 billion) from January through July of 2024, a 10.2 percent increase from the previous year, Trend reports.
Data from the State Tax Service under the Azerbaijani Ministry of Economy shows that revenues from off-budget organizations increased by 13.1 percent year on year, equaling 2.1 billion manat ($1.2 billion).
Unemployment insurance contribution revenues rose by 12.4 percent, totaling 118.2 million manat ($69.5 million), with non-budgetary organizations' revenues increasing by 15.2 percent to 88.2 million manat ($51.9 million).
Contributions for mandatory medical insurance climbed by eight percent, exceeding 578.9 million manat ($340.5 million), while the off-budget organizations' revenues increased by 9.2 percent to make up 406.5 million manat ($239 million).
To note, revenues from mandatory state social insurance contributions grew by 13.3 percent (610.5 million manat, or $359.1 million) in 2023 compared to 2022, totaling 5.2 billion manat ($3.06 billion).