Talqin va tadqiqotlar ilmiy-uslubiy jurnali
Impact Factor: 8.2 | 2181-3035 | № 1(59)
~ 17 ~
ANALYSIS OF THE SOCIAL SIGNIFICANCE OF STATE TRUST FUNDS.
(ON THE EXAMPLE OF THE STATE OFF-BUDGET PENSION FUND)
Mardonov Akrom
Assistant teacher of the Faculty of Finance and Financial Technologies at Tashkent
State University of Economics.
Boymurodova Lobar
Assistant teacher of the Faculty of Finance and Financial Technologies at Tashkent
State University of Economics.
Annotation:
This article discusses the analysis of state trust funds and their
social significance. Today, as the economic reforms deepen and the economy
develops at a steady pace, there is a gradual transition to a targeted system of
protection of the population in the gross social protection system and the creation of a
mechanism to support only vulnerable segments of the population. This system
includes the payment of pensions to socially needy segments of the population at the
expense of the budget, the provision of free social services to a certain socially
vulnerable segment of the population, and the provision of a number of social
services directly to consumers at a minimum level. You can learn more about these in
the article.
Keywords:
Budget funds, revenue base, pension fund, single social payment,
insurance contributions, mandatory deductions, salaries, free social services.
Introduction.
It is known that the Off-Budget Pension Fund plays the most
important role in the composition of social funds. In the scientific works of Uzbek
scientists T.S. Malikov and N.Kh. Khaidarov, it is stated that "among the joints in the
national finance, one of the second centralized funds after the state budget in terms of
volume and the scale of consumer coverage and social significance is the off-budget
Pension Fund".
1
State trust funds are special targeted financial resources created by the state
specifically to finance certain socio-economic programs and projects. They can be
part of the state budget or established as a separate off-budget fund. The main
purpose of state trust funds is to finance sectors of social importance and required
state support, as well as to provide financial assistance for certain segments of
society.
1
T.S.Malikov, N.Kh.Haydarov. Finance: Public Finance T. Economics-Finance. 2016.289b
Talqin va tadqiqotlar ilmiy-uslubiy jurnali
Impact Factor: 8.2 | 2181-3035 | № 1(59)
~ 18 ~
Main div.
The social essence of the Pension Fund is that it is a means of
ensuring that citizens receive state-guaranteed social security as they grow old or lose
their ability to work due to disability, as well as in case of loss of a breadwinner
2
.
Implementation of social justice rules with the help of this fund ensures the
rights of the most disadvantaged segments of the population, the elderly and the
elderly, the disabled, orphans, and students to social protection by the state.
In accordance with the Budget Code of the Republic of Uzbekistan, the income
base of the Pension Fund is formed from the following sources:
receipts of a fixed amount of the single social payment;
Insurance contributions to the off-budget Pension fund of citizens;
mandatory deductions from the volume of sale of goods (works and
services);
other income.
It can be seen from the data of the table below that an important place in the
income of the Pension Fund is occupied by deductions from the single social payment
from the payroll fund of legal entities. The single social payment in 2020-2023 was
25%, of which 24.8% will be directed to the Pension Fund, 0.1% to the State Fund
for the Promotion of Employment, 0.1% to the Council of the Federation of Trade
Unions.
From the Budget under the Ministry of Finance of the Republic of
Uzbekistan
Excluded Pension Fund income structure and structure(in percent,%)
Bullets
2021 year
2022 year
2023 (Forecast)
amount
Share
amount
Share
amount
Share
Income
10302,1
100,0
13013,7
100,0
16557,0
100,0
At the beginning
of the year
residue
602,2
8,8
1067,3
8,2
2592,0
15,7
Income from the
single social
payment from the
wage fund
5907,4
51,7
7299,5
56,1
8324,2
50,3
2
Constitution of the Republic of Uzbekistan, Article 39
Talqin va tadqiqotlar ilmiy-uslubiy jurnali
Impact Factor: 8.2 | 2181-3035 | № 1(59)
~ 19 ~
Compulsory
contributions of
citizens
1482,7
14,4
1877,2
14,4
2463,8
14,9
Mandatory
deductions from
the volume of
sales of products
1591,3
15,4
1933,0
14,9
2063,8
12,5
Other income
718,5
9,7
836,7
6,4
1113,1
6,7
In 2020-2022, the proceeds from the single social payment in total revenues
were 60%, with 59.6% for 2023. It is the main source of the fund. For 2023, the
single social payment for small businesses and entrepreneurship is set at 15%, of
which 14.8% will be directed to the Pension Fund, 0.1% to the State Fund for
Employment Promotion, 0.1% to the Council of the Federation of Trade Unions. In
2021-2022, the single social payment rates were 33%, 31%.
Revenues from the Single Social Contribution from the Payroll Fund were
59.6% of the Pension Fund in 2020, 51.7% in 2021, 56.15% in 2022, and 50.3% in
2023. Disposable Social Contribution Receipts from the Payroll Fund are growing in
relative ratios, but their relative performance is declining in 2023. The revenue
growth rate from 2020-2023 was 173.4%.
Dynamics of changes in single social payment rates for 2016 – 2023
(in percent, %)
To'lov nomi
2016
2017
2018
2019
2020
2021
2022
2023
NS
The single social
payment
24
24
25
25
25
25
25
25
Including
contributions to
the Pension fund
23,5
23,6
24,8
24,8
24,8
24,8
24,8
24,8
Talqin va tadqiqotlar ilmiy-uslubiy jurnali
Impact Factor: 8.2 | 2181-3035 | № 1(59)
~ 20 ~
At the same time, the year-on-year surplus is growing by nearly 2 times in 2023
compared to 2022. In 2023, 2592.0 billion soums, and in 2023 the revenue is planned
to be 15.7%, compared to 1067.3 billion soums in 2022.
The pension fund's revenues as a percentage of GDP were 8% between 2018 and
2022.
The most important place in the formation of income of the Pension fund is
occupied by compulsory insurance premiums of citizens.
Insurance premiums are calculated for all types of fees provided for by
regulations, resolutions and other regulations issued in accordance with applicable
law, regardless of their sources of financing, excluding tax deductions.
Conclusion.
The calculation of insurance contributions is carried out on the
basis of the tariffs established against the wage fund for all categories of workers to
whom social insurance is introduced.
Only types of payments, the photos of below, are not accrued insurance
premiums
All employed workers, citizens pay insurance contributions to the Pension Fund
of the Republic of Uzbekistan in the amount prescribed by law. These contributions
are paid together with personal income tax. Employers pay their insurance premiums
once a month, as described above.
References:
1.Strategy for improving the public finance management system of the Republic
of Uzbekistan in 2020-2024. National database of legislation, dated 25.08.2020, No.
09/20/506/1210
2.Budget Code of the Republic of Uzbekistan. Dec. 26, 2021.
3.Samandarova G. Significance and features of the state budget in the national
economy. Scientific electronic journal "Economics and innovative technologies". No.
3, May-June, 2021.
4. Sherov A.U. Budget policy in Uzbekistan: practical and strategic directions
5.Scientific electronic journal "International Finance and Accounting". Issue 1,
February, 2019.
6. Fiscal policy of Uzbekistan: main results and priorities. BI Nurmukhamedova,
NM Yuldasheva - Science and Education, 2022
7.Peculiarities of stock market development and its relationship with economic
growth AAOGL Nurmukhamedov, BI Nurmukhamedova Science and Education 4
(3), 836-847
8.Analysis of the financial statements of enterprises as a task for independent
work of students B Nurmukhamedova, Y Akhunova ISJ Theoretical & Applied
Science, 06 (110), 282-285.
Talqin va tadqiqotlar ilmiy-uslubiy jurnali
Impact Factor: 8.2 | 2181-3035 | № 1(59)
~ 21 ~
9. Resolution of the Cabinet of Ministers No 83 of February 21, 2022 "On
additional measures to accelerate the implementation of national goals and objectives
in the field of sustainable development for the period up to 2030"
10.Ministry of Finance of the Republic of Uzbekistan. Fiscal Strategy-2023-
2025. Source: openbudget.uz.
11. Appendix No. 1 of the Law of the Republic of Uzbekistan dated December
30, 2022 No. ZRU-813 "Consolidated parameters of the consolidated budget of the
Republic of Uzbekistan for 2023 and budget targets for 2024-2025". Source:
openbudget.uz.
