Employers in Azerbaijan will soon have to pay unemployment insurance contributions exclusively by bank transfer under amendments drafted to the law “On Unemployment Insurance”. The change bars any cash settlement of these payments.
Under the draft amendments, the unemployment insurance contribution will be calculated separately for each month and transferred by the employer (the policyholder) to the insurer’s account at the same time as wages are paid. The deadline for transfer is set at the 15th of the following month, in line with the requirements of Article 175 of the Labour Code. The funds must be transferred in full, without splitting into instalments, and entirely in cashless form.
In the first ten months of this year, from January to October, unemployment insurance contributions collected across Azerbaijan totaled roughly 201.5 million manats. That figure exceeded the planned amount by 8.3 million manats. Non-budget organisations accounted for 156.5 million manats of the total.
