BAKU, Azerbaijan, December 28. President of the Republic of Azerbaijan Ilham Aliyev has signed a Law amending the Law "On labor pensions", Trend reports.
According to the change, the pensionable service term has been extended by three years, until 2026. When assigning a pension to persons who have reached retirement age and have pension capital in the insurance part of an individual personal account for the period from 2006 to 2008 (regardless of the amount), a 25-year insurance period is calculated prior to January 1, 2006, and from 2026 – with a decrease of a year for each calendar year.
In the current legislation, this experience is calculated as 25 years for the period prior to January 1, 2006, and from 2023 – with a decrease of a year for each calendar year.
This law comes into force from January 1, 2023.