Azerbaijan Developing Legislative Framework for Establishment of Non-state Pension Funds

Aynur Aliyeva; One of the top priorities of the State Program on the development of insurance-pension system in Azerbaijan is the application of accumulative component in the state pension system and formation of non-state pension funds in Azerbaijan, chairman of the State Social Protection Fund Elman Mehdiyev told journalists, APA-Economics reports.

”We are developing legislative framework on this issue. Twinning project has been prepared as a part of the cooperation with the European Union to study the international experience and invite international experts. The project has already been confirmed, executive organizations have been chosen,“ he said.

He said one of these countries is Latvia, the second partner is Germany. Initial discussions held with the experts of these countries have been completed.

”We expect the process of signing of this project between Azerbaijan and the European Union to be completed in the coming months. The realization of the project will start after that. The implementation of the project will form legislative framework of the application of the accumulative component in the state pension system and...