Ministry of Economic development of Azerbaijan has prepared a proposal regarding living cost definition. Trend reports Salim Muslimov, chairman of State Social Security Fund, saying MEDs offer defines living cost for three categories of population, working retirees, children and old retirees.
According to original calculations, yet in 2008 the living cost for retirees will be raised to 55 AZN. Consequently, base of labor pension will be raised to this amount by 2008. В"Accounting for economic growth estimates and rates of consumer prices growth index, as well as average monthly salaries, we calculated the State Funds incomes and expenses dynamicsВ", - Muslimov said.
Muslimov said also the base pension is raised October 1, 2006 to 35 manat. Preceding rise was led April 1 and resulted in labor pension equal to 30 manat. Muslimov suggests there will be no problem with payment of additions as there is still 17mln manat on State Funds deposit.
Labor pension to equal cost of living by 2008 head of State Social Security Fund
