Azerbaijani president Ilham Aliyev signed a decree on application of Labor Pensions, Trend repots.
Following the enactment of the Law, the Cabinet of Ministers is committed to develop in two-months and present to the President proposals on adjusting the existing legislative acts tin compliance with the law on Labor Pensions, ensure adjusting the standards documents of the Cabinet of Ministers and relevant central executive bodies in line with the Law and inform the President of that, to confirm the list of productions, professions, duties and indices, providing for labor pensions for age on privileged terms, to confirm the rules on calculation of insurance probation period of employees of summer and summer-trial composition of the civil aviation, to develop a draft legislative act setting the types of responsibility for violation of the law.
50% of fees for obligatory state social insurance paid to people who have undergone obligatory state social insurance, is registered in the insurance part of their individual accounts.
Since 1 January 2006 the amount of basic part of the labor pension on age is 25 manats. The term of expected pension payment is 144 months (12 years).
The State Fund of Social Security is committed to carry out conditional recalculation of current pension and benefits of unemployed for each in compliance with the law on Labor pensions and by the end of 2006 to complete procurement on this basis, while to keep in archives the previous pensions in the centralized order, organize their electron registration.