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Azerbaijan creates insurance fund for payment of unemployment benefit

30 June 2017 12:27 (UTC +04:00)

According to him, the draft law, containing 4 chapters and 26 articles, includes the details on creation of insurance fund for payment of unemployment benefits and financing of this fund. It has been developed for prevention of unemployment and staff reduction.

The law determines sources for payment of unemployment benefit in Azerbaijan in its article #21 (sources for insurance against unemployment).

The sources are:

- Premiums;

- Receipts from administrative penalties provided in the Code of Administrative Offences for violation of requirements of this law;

- Grants, donations, aids in accordance with the Law on Grant;

- bank loans;

- other sources considered accordingly to law and by relevant executive body.

MP Rajabli noted that AZN 90 million will be accumulated in the insurance fund: “So, unemployment benefit will be thrice more than 2016”

The draft law was adopted by voting.