BAKU, Azerbaijan, Feb. 6
By Eldar Janashvili - Trend:
Last year, as a result of the implementation of the revolutionary package of social reforms in Azerbaijan, the size of the minimum salary, as well as allowances and scholarships, nearly doubled and the minimum pension amount increased by 72.4 percent, Azerbaijan’s Minister of Labor and Social Protection of the Population Sahil Babayev said.
Babayev made the remark at a press conference related to the execution of President Ilham Aliyev’s order “On Indexation of Labor Pensions” dated Feb. 6, 2020, Trend reports from the event.
The minister also noted that the presidential program for the introduction of new types of social security has been expanded almost five times.
Babayev said that in general, the average pension amount in Azerbaijan over the past 16 years has increased eight times, salaries have increased 11 times; in addition, allowances and scholarships have repeatedly increased.
The minister added that the new order by President Ilham Aliyev shows how successfully social reforms continue in 2020, and that as a result of the successful socialized policy of President Ilham Aliyev, important steps are being taken in the social sphere from year to year along with dynamic economic development in the country, including the growth of pension provision.
Azerbaijani President Ilham Aliyev has signed an order on indexation of labor pensions on Feb. 6.
According to the order, Azerbaijan’s Ministry of Labor and Social Protection of the Population has been instructed to ensure indexation of the insurance part of all types of labor pensions from Jan. 1, 2020 in accordance with the annual growth rate of the average nominal salary in 2019, established by the State Committee on Statistics and to index the amount of pension capital accumulated in the insurance part of individual accounts in the personal accounting system.
