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Insurance part of labor pensions in Azerbaijan increases

Society Materials 6 February 2021 11:06
Insurance part of labor pensions in Azerbaijan increases

BAKU, Azerbaijan, Feb. 6

Trend:

By the decree of the President of Azerbaijan, the pension capital of the insurance part of individual accounts was indexed in accordance with the annual level of the consumer price index and has been increased by 2.8 percent since January 1, 2021, Director of the State Social Protection Fund under the Azerbaijani Ministry of Labor and Social Protection of Population, Himalay Mamishov said, Trend reports.

According to the director, this change serves the interests of those who work under an employment contract and participate in the social insurance system, and also shows that the pension capital in their personal accounts increases not only as a result of monthly social insurance contributions from their wages but also indexed annually by the state.

The fund’s director also gave information on the reforms in the pension sector and the work to be done during 2021.

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