11:22 - 7.10.2024

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October 7, Fineko/abc.az. Pensions can grow rapidly if private pension funds are established. The Ministry of Labor and Social Protection has prepared more than 20 legislative acts. After the adoption of the draft acts in Parliament, it is possible to start creating these funds.

ABC.AZ reports that MP Vugar Bayramov considers it important to create private foundations.

Thus, a citizen pays monthly social insurance contributions to the State Social Insurance Fund, transferred from his monthly salary.

However, later he applies to this institution with an application and asks to transfer his social insurance to a new fund. After that, this amount is paid there. Here, a personal account is opened for him, on which the amount is accumulated. And when a citizen retires, it becomes a payment base for him. However, a certain amount of money is also paid from the State Budget, but the main basic part is formed at the expense of social benefits of a citizen.

Bayramov noted that formation of a legislative framework can ensure creation of such finances in a shorter time.