Azerbaijan soon to greatly increase retirement pensions
Baku, Azerbaijan, Feb. 14
By Matanat Nasibova - Trend:
From March 1, 2019, the average minimum retirement pension will increase by 38.5 percent and reach 160 manats in Azerbaijan, Minister of Labor and Social Protection of the Population Sahil Babayev said.
Babayev made remarks at a press conference in Baku on Feb. 14, Trend reports.
Earlier, the minimum amount of the retirement pensions was 116 manats.
The increase in the minimum amount of pensions will cover 233,000 pensioners, including 140,000 people receiving disability pensions.
The minister stressed that among those pensioners, 9,000 persons’ pensions will increase by 75 manats, 26,000 persons’ pensions by 37 manats and 74,000 persons’ pensions by 27 manats.
Meanwhile, the Azerbaijan State Social Protection Fund will allocate 49 million manats to finance the increase in pensions.
Babayev stressed that over the past 15 years, retirement pensions increased seven times in Azerbaijan, while the minimum amount of retirement pensions increased by 6.5 times.
(1.7 AZN = 1 USD on Feb. 14)