Baku, Azerbaijan, Feb. 10
By Anvar Mammadov - Trend:
Labor pensions will grow 5.7 percent as a result of indexation of their insurance part in Azerbaijan, Salim Muslumov, the country’s minister of labor and social protection of population, said at a press conference on Feb. 10.
He noted that the average monthly pension in Azerbaijan will be 220.23 manats.
“Two days ago we received data from Azerbaijan’s State Statistics Committee on the growth rate of the average monthly wage in 2017,” Muslumov said. “These are preliminary stats, because the full reports will be ready in a month. Today, the average monthly labor pension is 233.68 manats. As the result of the indexation, the average monthly labor pension will be 247 manats. The average monthly disability pension will increase from 175 manats to 185 manats, and the average monthly survivor’s pensions will grow from 164 manats to 173.3 manats."
"In general, the average monthly pension in Azerbaijan as of Jan. 1, 2018 was 208.36 manats, and as the result of indexation, it will grow to 220.23 manats,” he said.
The minister added that the payment of pensions with increment starts in February, but pensioners will get increment for January pensions as well.
The minister noted that as of Jan. 1, 2018, 1.318 million pensioners were registered in Azerbaijan, and the indexation of pensions will affect 94 percent of them.
Muslumov said that 13.78 million manats will be allocated monthly for the indexation of pensions.
“A total of 165.4 million manats will be allocated for the indexation of pensions in 2018,” he noted. “These funds are reflected in the approved budget of Azerbaijan’s State Social Protection Fund for 2018.”
He also noted that the amount of pensions may change.
“As I said earlier, the data provided by the State Statistics Committee is preliminary,” the minister said. “If the final data differs from the current ones, pensions will be recalculated.”
On Feb. 9, Azerbaijani President Ilham Aliyev signed an order on indexation of the insurance part of labor pensions.
In accordance with the order, Azerbaijan’s Ministry of Labor and Social Protection of Population has been instructed to ensure increase in the insurance part of labor pensions of all kinds in line with the consumer price index in 2017.
The ministry has also been instructed to implement indexation of the pension capital accumulated in the insurance part of individual accounts in the personal accounting system.
(1.7001 manats = 1 USD on Feb. 10)